Read Beat the Market: A Scientific Stock Market System by Edward O. Thorp Free Online
Book Title: Beat the Market: A Scientific Stock Market System|
The author of the book: Edward O. Thorp
ISBN 13: 9780394424392
Format files: PDF, Epub, DOCx, TXT
The size of the: 11.18 MB
Edition: Random House
Date of issue: October 1st 1967
Reader ratings: 6.4
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Read full description of the books Beat the Market: A Scientific Stock Market System:
My doubts about chart reading were strengthened by a test I gave to people who claimed to be able to “read” charts. I selected pages at random from a chart book, covered the name of the corporation and the last half of the chart, and asked what price change the “pattern” indicated. Their “predictions” were no better than those of someone making random guesses!
A typical reaction was, “Maybe you can calculate the odds in blackjack but the stock market is psychology and you can’t figure that.” The card game of poker depends on bluff and psychology. Can we figure that? In simplified forms of poker with two players, mathematical strategies have been discovered which tell you how to bluff best! By routinely following these mathematical prescriptions, you will in the long run play as well as or better than any opponent who does not—no matter how sophisticated, or tricky, or crafty he may be. This mathematical mastery of bluff and psychology is being used today in economic theory . We are misguided when we exalt ourselves by insisting that the psychology of the marketplace and of man are unknowable. The sciences of man are now emerging from the dark ages.
Read information about the authorEdward Oakley "Ed" Thorp (born 14 August 1932) is an American mathematics professor, author, hedge fund manager, and blackjack player best known as the "father of the wearable computer" after inventing the world's first wearable computer in 1961. He was a pioneer in modern applications of probability theory, including the harnessing of very small correlations for reliable financial gain.
He is the author of Beat the Dealer, the first book to mathematically prove, in 1962, that the house advantage in blackjack could be overcome by card counting. He also developed and applied effective hedge fund techniques in the financial markets, and collaborated with Claude Shannon in creating the first wearable computer.
Thorp received his Ph.D. in mathematics from the University of California, Los Angeles in 1958, and worked at the Massachusetts Institute of Technology (MIT) from 1959 to 1961. He was a professor of mathematics from 1961 to 1965 at New Mexico State University, and then joined the University of California, Irvine where he was a professor of mathematics from 1965 to 1977 and a professor of mathematics and finance from 1977 to 1982.
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