A Man for All Markets

A Man for All Markets

andreyma Books Reviews

Review A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market

by EDWARD O. THORP

Description

Birthed during the time of America’s Great Depression, legendary author and mathematician Edward E. Thorpe’s “A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market” unveils the magic he practically invented from the counting of cards at the casinos in Las Vegas to predicting market changes way ahead of its time. Using mathematics to his advantage, “A Man for All Markets,” recounts Edward Thorps’ personal story. From when he caused uproars in Las Vegas’ casinos to when he switched sights toward the financial markets or what dubbed “the biggest casino in the world,” he reveals his tips and secrets in how he made history using just his techniques and sly observations. It is interesting and insightful to read into the mind of a mathematical genius that brings new light onto the financial system and the psychology of a common gambler.  

About the Author

Edward O Thorp is widely known as the author of the 1962 Beat the Dealer, which was the first book to prove that blackjack could be beaten by card counting, and 1967 Beat the Market, which showed how warrant option markets could be priced and beaten. He is regarded as one of the best hedge fund managers in the world. He is also regarded as the co-inventor of the first wearable computer, along with Claude Shannon. Thorp received his Ph.D. from the University of California, Los Angeles in 1958 and worked at MIT from 1959 to 1961. He was a professor of mathematics from 1965 to 1977 and a professor of mathematics and finance from 1977 to 1982 at the University of California, Irvine.

Table of Contents

  • Chapters
  1. Loving to Learn
  2. Science is My Playground
  3. Physics and Mathematics
  4. Las Vegas
  5. Conquering Blackjack
  6. The Day of the Lamb
  7. Card Counting for Everyone
  8. Players Versus Casinos
  9. A Computer that Predicts Roulette
  10. An Edge at Other Gambling Games
  11. Wall Street: The Greatest Casino on Earth
  12. Bridge with Buffet
  13. Going into Partnership
  14. Front-Running the Quantative Revolution
  15. Rise…
  16. …And Fall
  17. Period of Adjustment
  18. Swindles and Hazards
  19. Buying Low, Selling High
  20. Backing the Truck Up to the Banks
  21. One Last Puff
  22. Hedging Your Bets
  23. How Rich is Rich?
  24. Compound Growth: The Eighth Wonder of the World
  25. Beat Most Investors by Indexing
  26. Can You Beat the Market? Should You Try?
  27. Asset Allocation and Wealth Management
  28. Giving Back
  29. Financial Crises: Lessons Not Learned
  30. Thoughts
    • Epilogue
    • Appendix A: The Impact of Inflation on the Dollar
    • Appendix B: Historical Returns
    • Appendix C: The Rule of 72 and More
    • Appendix D: Performance of Princeton Newport Partners, LP
    • Appendix E: Our Statistical Arbitage Results for a Fortune 100 Company
    • Photo Insert
    • Dedication
    • Acknowledgements
    • Notes
    • Bibliography
    • About the Author