The Secret to Becoming Rich – The Fortune’s Formula
The secret to becoming rich is a mathematical formula discovered by two Bell Labs scientists. This formula was created by John L. Kelly Jr. and Claude Shannon, a mathematician. The result is a formula that can increase your income by hundreds of percent.
The author, William Poundstone, has a knack for analogy and has studied math. He has written other books, such as How Would You Move Mount Fuji?, and he has written about betting systems. He traces the controversy and history of the Kelly formula in his book. William Poundstone has a deep love for mathematics.
The paper that made Thorp famous drew the attention of many gamblers. He tried the formula on Reno’s wealthy gamblers and was able double their money. Although his test was difficult, he was able to win more than twice their money. It has been called the “Fortune’s Formula”.
The formula is based on the Kelly Criterion, a mathematical formula for calculating the optimal bet size. If a gambler has a 60% chance to win, he should wager twenty percent of his bankroll every opportunity. This will maximize his bankroll in the long run.