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 enlarge | Author: William Poundstone
Publisher: Hill and Wang
Category: Book
List Price: $15.00
Buy New: $8.61
You Save: $6.39 (43%)
New (13) Used (14) from $8.00
Rating:  58 reviews
Sales Rank: 10340
Media: Paperback
Edition: 1st
Number Of Items: 1
Pages: 400
Shipping Weight (lbs): 0.8
Dimensions (in): 8.1 x 5.5 x 1.2
ISBN: 0809045990
Dewey Decimal Number: 795
EAN: 9780809045990
ASIN: 0809045990
Publication Date: September 19, 2006
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
 An engaging story September 1, 2007
Wow, I loved this book. A well written and easy to read history of the evolution of investment theory. Starting with off track betting at the beginning of the century and ending with the collapse of Long Term Capital Management, this is an engaging story.
I was particularly interested in the application of betting theory to investing. The fact that some investment strategies actually include a point of zero value was very informative.
A great read.
KELLY'S METHOD OF INVESTEMENT ALLOCATION July 20, 2007
1 out of 2 found this review helpful
KELLY, a Texan mathematician died at 41 but left behind a wonderful method/conceptual framework applicable to investments as well as casino gambling. It is a fascinating book and the mathematics professors provide a wonderful drama. The author has made complicated math/statistics concepts real simple even for those who don't like maths.
Fun and Informative July 19, 2007
6 out of 6 found this review helpful
Yes, perhaps the book's title is a bit misleading. Those who gave bad reviews to the book may have been looking for a get rich quick formula to beat the market or the casinos. The book focuses on the Kelly criterion and also gives quite a bit of attention to the efficient market hypothesis. The strength of the book is in its portrayals of the characters involved in the stories behind the Kelly Criterion and Efficient Market Theory.
Admittedly, at times it was a stretch to connect some of the players in this drama to the Kelly Criterion or the Efficient Market Hypothesis. Rudy Guiliani is one of several people in the book who are quite tangential to the main story line. However, I found this not to be a weakness of the book. Indeed, it enhanced my enjoyment of the story.
Those who are looking for a hard core mathematical examination of some of the topics of the book will be disappointed. As will those who are looking for a quick how-to in applying some of the theories. However, the vast majority of people will enjoy getting an inside look at some of the personalities involved in the development of these concepts and will love seeing how some of the theories held up in the "real world".
Against James Pragma's review June 11, 2007
7 out of 7 found this review helpful
James pragma's review below is so bad that i felt the need to write my own review. let me clarify some of what James gets wrong, and also clarify what the book is actually about.
James obviously misunderstood the book (and that is not the writer's fault in this case). Poundstone clarifies the Kelly betting system which was originally applied to card-counting but has uses beyond it. the central example and climax of the book is how the kelly betting system and the controversy surrounding it in light of efficient markets theory can help us explain the tragic blow up of a powerhouse hedge fund. the book is about risk, how to manage risk and avoid ruin. that has nothing to do with card counting as a system to get an advantage over the house (Which everybody knows about), the point is that Kelly invented a way to maximize long-term reward and minimize risk. but did he? that's the question.
James Pragma's review is nonsense. he failed to understand the book. in addition to what i say about, Poundstone gives us the history of math, information theory and gambling as it relates to the core story i mention above. it was a fun, informative book.
More applicable to investors than gamblers! June 6, 2007
5 out of 7 found this review helpful
First off, for a book that sometimes can get just a little technical and mathy... the author does a great job of tying in the history of gambling in the country, and how that industry drove some key technologies. I found the historical perspective quite entertaining.
Second - if you want a 'beat the casino's' gambling system, you'll be quite disappointed. The book reviews the 'Kelly System' to bet sizing once a gambler has an expected 'edge' over casino's. But as we all know, there is no edge at any casino game, unless you cheat. And, although Kelly and friends tried to cheat back in the days (with counting and roullette physics), they don't teach you how.
Third - if you are a serious investor in stocks, the book has a refreshing and persuasive approach to determine a) What bets are worth taking, and b) How to size those bets to maximize compound returns. There are almost no good books written on that second subject, which makes this a must read!
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