Founders

What I learned from reading Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street by William Poundstone. ---- Claude Shannon was as close to a sure thing as existed [2:53] The beginning of information theory [7:11] Project X [9:09] introduction to Ed Thorpe [15:05] using math and physics to beat Las Vegas [18:03] Ed Thorp and Claude Shannon meet [20:45] testing Thorpe’s Blackjack theory [26:00] The core of John Kelly’s philosophy of risk can be stated without math. It is that even unlikely events must come to pass eventually. Therefore, anyone who accepts small risks of losing everything will lose everything, sooner or later. The ultimate compound return rate is acutely sensitive to fat tails. [28:23] I’d be a bum in the street with a tin cup if the markets were efficient. —Warren Buffett [44:30] how Claude Shannon begins studying the stock market [46:45] Claude Shannon and Henry Singleton [48:16] why and how Ed Thorp started investing in stocks [49:49] Tho