Fortune's Formula
In 1956, Bell Labs scientists Claude Shannon and John L. Kelly Jr. formulated a mathematical strategy for maximizing gains. The book follows the application of this Kelly criterion to gambling, stock markets, and hedge funds, illustrating both its profitability and the controversies it generated. It examines how the method, rooted in information theory, was adopted by figures such as Edward O. Thorp and how it challenged conventional views on market efficiency.