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{{a|book review|}}Edward Thorpe is one of those rare and special birds, like Richard Feynman, Warren Buffett, Benjamin Graham and I dare say, {{author|Nassim Nicholas Taleb}} whose singular intelligence, peculiar worldview, restless intellect and reluctance to take anything at face value converge with an innate compulsion to nut things out for themselves. These traits are rare enough when separate, but in those few in whom they converge achieve in one lifetime what ordinary genius would take several. Interestingly these four men knew and worked with each other at formative points in their careers. | {{a|book review| | ||
[[File:Man for all markets.jpg|450px|frameless|center]] | |||
}}Edward Thorpe is one of those rare and special birds, like Richard Feynman, Warren Buffett, Benjamin Graham and I dare say, {{author|Nassim Nicholas Taleb}} whose singular intelligence, peculiar worldview, restless intellect and reluctance to take anything at face value converge with an innate compulsion to nut things out for themselves. These traits are rare enough when separate, but in those few in whom they converge achieve in one lifetime what ordinary genius would take several. Interestingly these four men knew and worked with each other at formative points in their careers. | |||
From an early age Edward O Thorp was a mathematics prodigy, when a young tenured mathematics professor, in his spare time he devised a strategy to beat Las Vegas casinos at blackjack, and then, by observation, calculated the probabilities of deviance of a roulette wheel from true randomness. When the casinos out west wised to him and banned him from their premises, he moved to the big casino, out east, on the corner of Broad and Wall, NY. Intuiting that the [[efficient market hypothesis]] was flat out wrong, he beat Wall Street, too, by careful convertible arbitrage and, later, inventing the statistical arbitrage techniques that form the foundation for modern quantitative trading, and founding one of the first and most successful hedge funds. | From an early age Edward O Thorp was a mathematics prodigy, when a young tenured mathematics professor, in his spare time he devised a strategy to beat Las Vegas casinos at blackjack, and then, by observation, calculated the probabilities of deviance of a roulette wheel from true randomness. When the casinos out west wised to him and banned him from their premises, he moved to the big casino, out east, on the corner of Broad and Wall, NY. Intuiting that the [[efficient market hypothesis]] was flat out wrong, he beat Wall Street, too, by careful convertible arbitrage and, later, inventing the statistical arbitrage techniques that form the foundation for modern quantitative trading, and founding one of the first and most successful hedge funds. | ||