A Man for All Markets
by Edward O. Thorp · 15 Nov 2016 · 505pp · 142,118 words
Copyright © 2017 by Edward O. Thorp All rights reserved. Published in the United States by Random House, an imprint and division of Penguin Random House LLC, New York. RANDOM HOUSE and
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Names: Thorp, Edward O., author. Title: A man for all markets : from Las Vegas to Wall Street, how I beat the dealer and the market / Edward O. Thorp. Description: New York : Random House, [2017] | Includes index. Identifiers: LCCN 2016026545| ISBN 9781400067961 | ebook ISBN 9780812998740 Subjects: LCSH: Thorp, Edward O. | Investment advisors—United States
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D: Performance of Princeton Newport Partners, LP Appendix E: Our Statistical Arbitrage Results for a Fortune 100 Company Photo Insert Dedication Acknowledgments Notes Bibliography By Edward O. Thorp About the Author PREFACE Join me in my odyssey through the worlds of science, gambling, and the securities markets. You will see how I overcame
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unique perspective and that A Man for All Markets will help you think differently about gambling, investments, risk, money management, wealth-building, and life. FOREWORD Ed Thorp’s memoir reads like a thriller—mixing wearable computers that would have made James Bond proud, shady characters, great scientists, and poisoning attempts (in addition
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its importance and put it in context for my community of real-world scientist-traders and risk-takers in general. That context is as follows. Ed Thorp is the first modern mathematician who successfully used quantitative methods for risk taking—and most certainly the first mathematician who met financial success doing it
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dozen mathematician-gamblers, including greats like Fermat and Huygens—who were either indifferent to the bottom line or not particularly good at mastering it. Before Ed Thorp, mathematicians of gambling had their love of chance largely unrequited. Thorp’s method is as follows: He cuts to the chase in identifying a clear
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a third member of the Information Trio: John Kelly, originator of the famous Kelly Criterion, a formula for placing bets that we discuss today because Ed Thorp made it operational. A bit more about simplicity before we discuss dosing. For an academic judged by his colleagues, rather than the bank manager of
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her, to my familiar world. In those days long-distance calls were expensive. To save money I called collect if everything was okay, asking for “Edward __. Thorp,” the middle initial being a code we had devised to tell how many thousands of dollars we were ahead or, if the initial came before
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Sun editorial of April 3, 1964, assured us that “Anybody who has been around Nevada very long knows that [casinos welcome] players with a system.” “Edward O. Thorp…obviously doesn’t know the facts of gambling life. There has never been a system invented that overcomes…the advantage the house enjoys in every
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aftermath of sour performances this year, new investment partnerships continue to be formed. One of the newest is Convertible Hedge Associates, whose general partners are Ed Thorp and Jay Regan. Thorp is the fellow who developed a computerized system for beating the blackjack tables in Las Vegas, before they changed the rules
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in Southern California where he lived and attended Narbonne High School. The wearable computer that beat roulette. Completed in June 1961 by Claude Shannon and Edward Thorp and used successfully in Vegas. It is now in the MIT Museum. Random House Hedging warrants, 1966. From Beat the Market. A simple mechanical device
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Picture Collection/Getty Images Claude Shannon. Cover design by Richard Adelson. Cover photograph by Tom Campbell/Alpha The cover of Beat the Dealer. Vivian and Edward Thorp at home, 2004. To Vivian and to our children and their families: Raun, Brian, and Ava; Karen, Rich, Claire, Christopher, and Edward; Jeff, Lisa, Kylie
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a highly mathematical discussion of this effect, sometimes called “volatility pumping,” see The Kelly Capital Growth Investment Criterion: Theory and Practice, editors Leonard C. MacLean, Edward O. Thorp, and William T. Ziemba, World Scientific, 2010. The results For a comprehensive history of returns for world stock markets, see Triumph of the Optimists, by
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, mathematically trained readers can study some of the burgeoning modern developments in The Kelly Capital Growth Investment Criterion: Theory and Practice, editors Leonard C. MacLean, Edward O. Thorp, and William T. Ziemba, World Scientific, 2010. As he told The Wall Street Journal “Old Pros Size Up the Game,” by Scott Patterson, Wall Street
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, 2008, page A9. Gross left PIMCO in 2014 and went to Janus to manage money. out in Wilmott magazine See “Understanding the Kelly Criterion,” by Edward O. Thorp, Wilmott, May 2008, pp. 57–59, and http://undergroundvalue.blogspot.com/2008/02/notes-from-buffett-meeting-2152008_23.html. Computer simulations The simulations were
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. The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True. Hoboken, NJ: Wiley, 2012. MacLean, L. C., Edward O. Thorp, and W. T. Ziemba. The Kelly Capital Growth Investment Criterion: Theory and Practice. World Scientific, 2011. Malkiel, Burton Gordon. A Random Walk Down Wall Street
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, Editors. Amsterdam: Elsevier, 2006. Wong, Stanford. Professional Blackjack. La Jolla, CA: Pi Yee, 1994. BY EDWARD O. THORP A Man for All Markets Beat the Dealer Beat the Market Elementary Probability The Mathematics of Gambling ABOUT THE AUTHOR EDWARD O. THORP is the author of the bestseller Beat the Dealer: A Winning Strategy for the Game
Beat the Market
by Edward Thorp · 15 Oct 1967
for Common Stock Purchase Warrants BEAT THE MARKET A scientific Stock Market System Random House New York BEAT THE MARKET A Scientific Stock Market System Edward O. Thorp, Ph.D. Professor of Mathematics University of California at Irvine Sheen T. Kassouf, Ph.D. Assistant Professor of Economics University of California at Irvine 987
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fall. Textron and Molybdenum. The moment of discovery. Steady profits in bust and boom. 2 WARRANTS: OPTIONS ON THE FUTURE 15 Rediscovery of the system: Ed Thorp under a tree. What is a warrant? Get rich quick? The warrant-stock diagram. The two basic rules relating warrant prices to stock prices. Adjusted
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from 1961 to 1966 have yielded 25% a year with virtually no risk. 14 Chapter 2 WARRANTS Options on the Future Rediscovery of the System: Ed Thorp Under a Tree The dry sun blazed down from a clear desert sky. The quiet New Mexico summer afternoon was perfect for reading. I settled
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warrant price from the predicted price. We call these deviations the trend effect. We illustrate how to use the trend effect for extra profits by Ed Thorp’s description of his operation in Sperry Rand. I shorted 100 Sperry warrants at 51/8 on August 24, 1965. Then I brought 100 common
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principles with situations from the basic system. Exploiting a Rise in the Price of the Common Figure 8.1 shows that in January of 1966, Ed Thorp was about 200 adjusted Sperry warrants short for each 100 shares of common long. He had paid on average about 16 for the common and
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, must eventually recognize the enormous profit potential of the basic system and related methods. We learned just how widespread the concept of hedging was when Ed Thorp addressed the Air Force Eleventh Annual Summer Scientific Conference. In his discussion of recent developments in probability and game theory, he said there was now
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of ‘84, 156-158 Zero-profit line, 80 explained, 47 how to draw, 48, 81 with reverse hedge, 124 Yearly range, 119 ABOUT THE AUTHORS EDWARD O. THORP is the author of the best-seller Beat the Dealer: A Winning Strategy for the Game of TwentyOne, published by Random House in 1962 and
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
by William Poundstone · 18 Sep 2006 · 389pp · 109,207 words
it soon turns into something completely different. —Johann Wolfgang von Goethe CONTENTS Prologue: The Wire Service PART ONE: ENTROPY Claude Shannon • Project X • Emmanuel Kimmel • Edward Thorp • Toy Room • Roulette • Gambler’s Ruin • Randomness, Disorder, Uncertainty • The Bandwagon • John Kelly, Jr. • Private Wire • Minus Sign PART TWO: BLACKJACK Pearl Necklace • Reno • Wheel
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had an idea for parlaying this wealth. It was going to be the biggest gamble of his life. It involved the stock market. Edward Thorp ONE FRIEND DESCRIBED Edward Oakley Thorp as “the most precise man I have ever met.” This zeal for measurement was evident from earliest youth. It has been claimed that mathematical
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talent is, ironically, linked with a child being slow to speak. Ed Thorp was born in Chicago on August 14, 1932, and did not utter his
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fix for those lousy bets of his.” PART TWO Blackjack Pearl Necklace IN JANUARY 1961 the American Mathematical Society held its winter meeting in Washington. Ed Thorp was there to present a version of the paper Shannon submitted to the National Academy. Since this paper was not for the National Academy, Thorp
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do I know how he does it? I guess he’s got one of them mathematical minds or photographic memories, or something.” The topic was Ed Thorp. The speaker was Cecil Simmons, casino boss at the Desert Inn. Simmons was speaking by phone to one of his competitors, Carl Cohen of the
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nor the magnitude of the 1966 pullback supplies much evidence in support of Shannon’s device. On one of his visits to the Shannons’ home, Ed Thorp saw an equation on a blackboard in the study. It read: 211 = 2048 Thorp asked what it meant. Both Claude and Betty turned silent. After
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in her twenties when she married him. Bet Your Beliefs BLACKJACK HAD CEASED to be as profitable or fun as it had once been for Ed Thorp. “I realized that if I pushed it, sooner or later some unpleasant physical things would happen in Nevada,” he said. By 1964 he decided to
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Scholes to get their paper into shape for publication. When it was about ready, Black sent a preprint to someone he thought might be interested: Ed Thorp. Black knew of the delta hedging technique described in Beat the Market. He explained in the cover letter that he had taken Thorp’s reasoning
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idiosyncratic poetry of Journal headlines: * * * Playing the Odds Computer Formulas Are One Man’s Secret to Success in Market Hunches, Analysts’ Reports Are Not for Ed Thorp; He Relies on Math, Prospers ‘I Call It Getting Rich Slow’ * * * The Journal writer was amazed at Thorp’s disregard of fundamental analysis and his
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of investment must largely be a theory of reinvestment. When you try to apply Markowitz theory to compounding, the results can be absurd. One of Ed Thorp’s theoretical contributions to the Kelly criterion literature is a 1969 paper in which he demonstrated the partial incompatibility of mean-variance analysis and the
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six-degrees-of-separation coincidence. One of the partners in Oakley-Sutton, James Regan, had been Robert Freeman’s Dartmouth roommate. And James Regan and Edward Thorp ran a hedge fund called Princeton-Newport Partners. The U.S. Attorney’s office had already gathered some Princeton-Newport trading records in connection with
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it was bugged. She got in her car and drove to a pay phone to call an attorney. Welcome to the World of Sleaze WHEN ED THORP heard the news, his initial reaction was that it was nonsense. He had followed the string of arrests on Wall Street like everyone else. The
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hedge funds were started in the early 1990s. Of all these new funds, Meriwether’s Long-Term Capital Management was to become the best known. Ed Thorp first heard of Meriwether’s fund through a mutual friend. The friend knew some of the people who were writing software for the new fund
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them numerical, in deciding which stocks to buy. If there is any validity to this process, then it ought to be possible to automate it. Ed Thorp began pursuing this idea as early as 1979. It emerged as one of the discoveries of what became known as the “Indicators Project” at Princeton
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odds. The government argued that this constituted a bookmaking operation. People were indicted, the Computer Group dissolved, and ultimately the charges were dropped. In 1993 Ed Thorp was approached by a secretive computer scientist who was just finishing his Ph.D. at UC Irvine. The computer scientist had a program to identify
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, nursing home. She visited him daily. Shannon was a tinkerer to the end, customizing other patients’ walkers and taking apart the home’s fax machine. Ed Thorp closed Ridgeline Partners in October 2002. He seems to have shown good timing. The return of statistical arbitrage operations has mostly been unexceptional since 2002
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2003, 30; Bruck 1994; Thorp, interview. Peter Ruchman interviewed gambler Jack Newton, who knew Kimmel. He sent part of this unpublished material regarding Kimmel to Ed Thorp, who forwarded it to me. Zwillman biography: See Stuart 1985. Chose number with fewest bets: Stuart 1985, 29. Story about Kaplus shooting: Stuart 1985, 42
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on this. Taught himself calculus, trigonometry, probability: This is from Peter Ruchman’s interview with Jack Newton, some of which was published in Ruchman 2000. Ed Thorp believes that Kimmel had little understanding of math. Birthdays bet, fly on sugar cube rigged with DDT: Thorp, interview. Kimmel let Adonis use parking lot
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a football game: Eddie Hand claims this in Bruck 1994, 32. “Kimmel is known to be a lifetime associate”: Bruck 1994, 29–30. (By 1965, Ed Thorp qualified as one of the best-known gamblers!) 85 Bernstein’s discovery of counting: Peter Ruchman’s unpublished interview with Jack Newton, supplied by
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Ed Thorp. Bernstein was probably not the first to get the idea. See the discussion of counting history in Thorp 1966. Kimmel accompanied by two women: Thorp,
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”: Thorp, interview. “We didn’t trust the casinos not to bug our rooms”: Thorp, interviews. “cased the wheels”: Betty Shannon, interview. Description of roulette play: Ed Thorp and Betty Shannon, interviews. Brought soldering irons: Thorp, interview. Test of roulette computer: Thorp 1998. “it was pretty clear to me that this group”: Thorp
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://www.westga.edu/~bquest/2002/market.htm. “a loose version of the ‘efficient market’ or ‘random walk’ hypothesis”: Samuelson 1974, 17. Samuelson bought Berkshire Hathaway: Ed Thorp brought this to my attention. “In an efficient market”: Fama 1991. 1970 article proposing three versions: Fama 1970. Studies suggesting that private information affects prices
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fund manager Victor Niederhoffer. “Unless you’re working in a certain way”: Fano, interview. “would call someone at MIT and they’d say”: Fano, interview. Ed Thorp likewise reports a sense that he was “fighting the establishment” and says he decided “not to waste time trying to publish papers I didn’t
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. $40,000 to $100,000 in two years: Newsweek, Dec. 18, 1967; Laing 1974. “after several false starts, I have finally hit pay dirt”: Letter, Ed Thorp to Claude Shannon, dated Dec. 23, 1965, in Shannon’s papers, LOC. PQ: See Samuelson 1974. “They have too high an I.Q. for that
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, 1984, 102–4. Kurson, Ken (1999a). “Babe in the Woods.” Esquire, June 1999, 40–45. ———(1999b). “What a Card!” Worth, Sept. 1999, 39–41. ———(2003). “Ed Thorp: Having an Edge on the Market.” Esquire, Feb. 2003. Laing, Jonathan R. (1974). “Computer Formulas Are One Man’s Secret to Success in Market.” Wall
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the partly edited transcript of Liversidge’s interview, dated August 21, 1986, which is in the Shannon collection at the Library of Congress. ———(1988). “Interview: Edward Thorp.” Omni, Sept. 1988, 68–78. Loomis, Carol J. (1966). “The Jones Nobody Keeps Up With.” Fortune, Apr. 1966, 237–47. ———(1998). “A House Built on
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. Shiller (1992). “Comments: Symposium on Volatility in U.S. and Japanese Stock Markets.” Journal of Applied Corporate Finance 5:25–29. Rotando, Louis M., and Edward O. Thorp (1992). “The Kelly Criterion and the Stock Market.” American Mathematical Monthly, Dec. 1992, 922–31. Rubinstein, Mark (1975). “The Strong Case for the Generalized Logarithmic
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M. Solow. New York: McGraw-Hill. Savage, Leonard J. (1954). The Foundations of Statistics. New York: Wiley. Schine, Eric (1989). “You Just Can’t Keep Ed Thorp Down.” Business Week, Aug. 21, 1989, 83. Schwed, Fred, Jr. (1940). Where Are the Customers’ Yachts? New York: Simon and Schuster. Sender, Henny, and Jason
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’s Beat the Racetrack (New York: William Morrow, 1987). ———, and R. G. Vickson, eds. (1975). Stochastic Optimization Models in Finance. New York: Academic Press. ACKNOWLEDGMENTS Ed Thorp has been especially gracious and helpful, contributing time, advice, photocopies, and speedy replies to e-mails. Ed read an early version of the manuscript and
The Perfect Bet: How Science and Math Are Taking the Luck Out of Gambling
by Adam Kucharski · 23 Feb 2016 · 360pp · 85,321 words
WASN’T THE first time a story of roulette-tracking technology emerged. Eight years after Hibbs and Walford had exploited that biased wheel in Reno, Edward Thorp sat in a common room at the University of California, Los Angeles, discussing get-rich-quick schemes with his fellow students. It was a glorious
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decade or so clamping down on a tactic they saw as cheating. Much of the blame—or perhaps credit—for the casinos’ losses goes to Edward Thorp. In 1962, Thorp published Beat the Dealer, which described a winning strategy for blackjack. Although Thorp has been called the father of card counting, the
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computers have increased in power, and good pseudorandom numbers have become more readily available, the Monte Carlo method has become a valuable tool for scientists. Edward Thorp even used Monte Carlo simulations to produce the strategies in Beat the Dealer. However, things aren’t so straightforward in horse racing. In blackjack, only
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into their stake after the roulette ball had landed. The games themselves were fine; they were unbeatable. Except it turned out that wasn’t true. Edward Thorp found a loophole in blackjack big enough to fit a best-selling book through. Then a group of physics students tamed roulette, traditionally the epitome
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with better data. As a result, scientific betting has moved far beyond card counting. ON THE FINAL PAGE of his blackjack book Beat the Dealer, Edward Thorp predicted that the following decades would see a whole host of new methods attempting to tame chance. He knew it was hopeless to try to
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sharing that view. But believing an abstraction doesn’t make it correct. And when someone comes along with a better model of reality—someone like Edward Thorp or Doyne Farmer—that person can profit from the casinos’ oversimplification. Thorp and Farmer were both physics students when they began their work on casino
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wondered which lottery was the best deal and orchestrated thousands of ticket purchases to take advantage of the loophole he found. Or a physicist like Edward Thorp, rolling marbles on his kitchen floor to understand where a roulette ball would stop. It might take a business specialist like Ruth Bolton, crunching through
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. Science and Hypothesis (New York: Walter Scott Publishing, 1905). (French edition published in 1902) 3suppose we drop a can of paint: According to Scott Patterson, Edward Thorp once did this at a pool in Long Beach, California (with red dye rather than paint). The incident made the local paper. Source: Patterson, Scott
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: Random House, 1962). 38Thorp gradually turned the research: Kahn, “Legendary Blackjack Analysts Alive.” 38He saw it more as an academic obligation: Towle, Margaret. “Interview with Edward O. Thorp.” Journal of Investment Consulting 12, no. 1 (2011): 5–14. 39“It showed that nothing was invulnerable”: Author interview with Bill Benter, July 2013. 39Switching
Wonderland: How Play Made the Modern World
by Steven Johnson · 15 Nov 2016 · 322pp · 88,197 words
, cheating at the game—although years later his secret technique would be banned by the casinos. He was, instead, a computer scientist from MIT named Edward Thorp, who had come to Vegas not to break the bank but rather to test a brand-new device: the very first wearable computer ever designed
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, December 7, 1972, www.wheels.org/spacewar/stone/rolling_stone.html. “Using data from the American Ephemeris”: Graetz, “The Origin of Spacewar!” “mechanically well made”: Edward O. Thorp, “Wearable Computers,” Digest of Papers, Second International Symposium on. 1998. “It had perhaps a hundred thousand”: Ibid. “As we worked and during”: Ibid. “The computer
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Shannon, 221–26, 223 software, development of, 215–19 Spacewar! 216–20, 218 “Spacewar: Fanatic Life and Symbolic Death Among the Computer Bums,” 219–20 Edward Thorp, 221–27 Turing Test, 227 Type 20 Precision CRT, 215–16, 218 Watson, 228–30 wearable computers, 221, 225–26 Conflagration of Moscow, The, 164
Market Wizards: Interviews With Top Traders
by Jack D. Schwager · 7 Feb 2012 · 499pp · 148,160 words
and Trading Final Word What I Believe 22 Years Later Appendix 1: Program Trading and Portfolio Insurance Appendix 2: Options—Understanding the Basics Glossary Excerpt: Edward Thorp Additional Praise for Market Wizards “Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the ‘Wizards’ are
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generate buy signals just before downside price reversals and sell signals just before upside price reversals. EXCERPT Edward Thorp The Innovator Read an excerpt from Jack D. Schwager’s latest book in the Market Wizards series . . . Edward O. Thorp, a PhD mathematician and near PhD physicist, came to the markets via gambling, but not gambling
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the world is Wall Street. Why don’t I look at and learn about that? Visit www.wiley.com/go/jackschwager to learn more about Edward Thorp, Jamie Mai, Michael Platt, Joel Greenblatt, Colm O’Shea, and others, and to find out more about Jack Schwager’s latest work. 1 Thorp recalls
The Dhandho Investor: The Low-Risk Value Method to High Returns
by Mohnish Pabrai · 17 May 2009 · 172pp · 49,890 words
Kelly Formula, but the author has generously programmed the formula for use by anyone at no charge. The intersted reader may also wish to read Edward Thorp’s paper, “The Kelly Criterion in Blackjack, Sports Betting and the Stock Market.” For the first example, the answer is 89.4 percent of your
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have to admit that this hasn’t stopped me yet.) But it wasn’t always a losing proposition. In the 1960s, an MIT math professor, Ed Thorp, used MIT’s computers to run a variety of calculations and came up with optimized blackjack play. Thorp named the optimal play of cards Basic
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/mauboussin/Mauboussin_on_Strategy_020106.pdf. 3 Peter D. Kaufman, ed., Poor Charlie’s Almanack (Virginia Beach, VA: Donning Company Publishers, 2005), p. 184. 4 Edward O. Thorp, Beat the Dealer: A Winning Strategy for the Game of Twenty-One (New York: Vintage, 1966). 5 See note 4. 6 See note 1. 7
Alpha Trader
by Brent Donnelly · 11 May 2021
. Mathematics taught me to reason logically and understand numbers, tables, charts, and calculations. Even more valuable, I learned at an early age to teach myself. EDWARD O. THORP, A Man for All Markets One of the most fun parts of math is that even though it is 100% objective and rational, it can
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from gambling is also true for investing. People mostly don’t understand risk, reward and uncertainty. Their investment results would be better if they did. EDWARD O. THORP, A Man for All Markets In this chapter, we will discuss risk management. If you are new to trading, this chapter will help you build
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) Superforecasting, Dan Gardner and Philip Tetlock (2015) Fooled by Randomness, Nassim Taleb (2001) Fooled by Technical Analysis, Michael Harris (2015) A Man for All Markets, Edward Thorp (2017) Risk, Dan Gardner (2008) How to Lie with Statistics, Darrell Huff (1954) BLOGS, PODCASTS AND NEWSLETTERS Aspen Trading daily and intraday trading newsletter, Dave
The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution
by Gregory Zuckerman · 5 Nov 2019 · 407pp · 104,622 words
time, Harry Markowitz, the University of Chicago Nobel laureate and father of modern portfolio theory, was searching for anomalies in securities prices, as was mathematician Edward Thorp. Thorp would attempt an early form of computerized trading, gaining a head start on Simons. (Stay tuned for more, dear reader.) Simons was part of
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was beginning to get out that Simons had math wizards attempting a new strategy, and a few individuals showed interest in investing in Axcom, including Edward Thorp, the pioneering quantitative trader. Thorp made an appointment to meet Simons in New York but canceled it after doing some due diligence. It wasn’t
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models to track the factors influencing stocks. Rather than make a fortune trading himself, Rosenberg sold computerized programs to help other investors forecast stock behavior. Edward Thorp became the first modern mathematician to use quantitative strategies to invest sizable sums of money. Thorp was an academic who had worked with Claude Shannon
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bureaucratic companies. That’s why Morgan Stanley soon gave Bamberger a new boss, Nunzio Tartaglia, a perceived insult that sparked Bamberger to quit. (He joined Ed Thorp’s hedge fund, where he did similar trades and eventually retired a millionaire.) A short, wiry astrophysicist, Tartaglia managed the Morgan Stanley trading group very
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bond empire at a company called Pacific Investment Management Company, or PIMCO. Gross, who paid his way through business school with blackjack winnings after reading Ed Thorp’s book on gambling, was especially adept at predicting the direction of global interest rates. He became well known in the financial world for thoughtful
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-his-head-at-the.html. 6. Emanuel Derman, My Life as a Quant: Reflections on Physics and Finance (Hoboken, NJ: John Wiley & Sons, 2004). 7. Edward O. Thorp, A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market (New York: Random House, 2017). 8
Trend Following: How Great Traders Make Millions in Up or Down Markets
by Michael W. Covel · 19 Mar 2007 · 467pp · 154,960 words
Koppel, Edwin Lefevere, Michael Lewis, Jesse Livermore, Roger Lowenstein, Acknowledgments Ludwig von Mises, Lois Peltz, Ayn Rand, Jack Schwager, Denise Shekerjian, Robert Shiller, Van Tharp, Edward Thorp, Peter Todd, Brenda Ueland, and Dickson Watts. This book could only have come to fruition with the editorial guidance of Jim Boyd at FT Press
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: Investors Just Don’t Seem to Have Enough. JWH Journal. 7. Jack Reerink, The Power of Leverage. Futures, Vol. 24, No. 4 (April 1995). 8. Edward O. Thorp, The Mathematics of Gambling. Hollywood, CA, 1984. 9. Larry Harris, Trading and Exchanges: Market Microstructure for Practitioners. New York: Oxford University Press, 2003. 10. Going
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