Author Topic: A Man for All Markets - Ed Thorp  (Read 28146 times)

tede02

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Re: A Man for All Markets - Ed Thorp
« Reply #20 on: July 07, 2017, 05:05:06 AM »
Just finished.  Excellent read.  I'd highly recommend it.  It was particularly interesting reading about the history of quantitative hedge funds.  This is something I knew very little about.  Ed Thorp's life story great in itself.  I think you could make a movie about it.  Pretty amazing that he identified the Madoff fraud almost 20 years before it imploded.

The real interesting, and timely, thing about the Madoff story relayed by Thorp is that according to Bloomberg, Madoff is trying to help some former investors by arguing that his fraud started in 1992, so anything they took out of the fund prior to that year was not part of the Ponzi scheme.  (https://www.bloomberg.com/news/articles/2017-06-23/madoff-clients-fighting-for-fortunes-get-help-from-the-con-man)

But if you follow the timeline for when Thorp figured out the fraud, it's 1990.

Not surprising that a liar continues to lie - mostly surprising that anyone would take his statements as evidence...

Absolutely.  I wouldn't doubt if the fraud went back long before 1990 even. 

Thorp's life story was just great.  Self made, and got it done with no shenanigans.  Plus all the people he encountered throughout his life (the Las Vegas people and east coast guys who funded his gambling venture, Feynman, Buffett, Claude Shannon, Madoff, etc.). 


boilermaker75

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Re: A Man for All Markets - Ed Thorp
« Reply #21 on: July 07, 2017, 07:14:00 AM »
Just finished.  Excellent read.  I'd highly recommend it.  It was particularly interesting reading about the history of quantitative hedge funds.  This is something I knew very little about.  Ed Thorp's life story great in itself.  I think you could make a movie about it.  Pretty amazing that he identified the Madoff fraud almost 20 years before it imploded.

The real interesting, and timely, thing about the Madoff story relayed by Thorp is that according to Bloomberg, Madoff is trying to help some former investors by arguing that his fraud started in 1992, so anything they took out of the fund prior to that year was not part of the Ponzi scheme.  (https://www.bloomberg.com/news/articles/2017-06-23/madoff-clients-fighting-for-fortunes-get-help-from-the-con-man)

But if you follow the timeline for when Thorp figured out the fraud, it's 1990.

Not surprising that a liar continues to lie - mostly surprising that anyone would take his statements as evidence...

Absolutely.  I wouldn't doubt if the fraud went back long before 1990 even. 

Thorp's life story was just great.  Self made, and got it done with no shenanigans.  Plus all the people he encountered throughout his life (the Las Vegas people and east coast guys who funded his gambling venture, Feynman, Buffett, Claude Shannon, Madoff, etc.).

There is a book coming out soon on Claude Shannon,

https://www.amazon.com/Mind-Play-Shannon-Invented-Information-ebook/dp/B01M5IJN1P/ref=sr_1_1?s=books&ie=UTF8&qid=1499436789&sr=1-1&keywords=claude+shannon

Being an EE, I can't wait to read it!

Liberty

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Re: A Man for All Markets - Ed Thorp
« Reply #22 on: July 07, 2017, 07:44:17 AM »

thowed

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Re: A Man for All Markets - Ed Thorp
« Reply #23 on: July 07, 2017, 07:45:40 AM »
Lads, if you're still looking:

https://anonymoosenotes.wordpress.com/2017/03/10/notes-on-brian-gaines-of-springhouse-capital-management/

btw - thanks for your big thread - it's been a fascinating read.


Liberty

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shalab

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Re: A Man for All Markets - Ed Thorp
« Reply #26 on: December 26, 2017, 09:35:31 PM »
I am reading this book now - in the last page (page 348) - it has a table of real returns with passive and active returns. The active management returns are astoundingly low in taxable accounts:

large compnay stock - after tax real returns - 2.0%
small company stock - after tax real returns - 3.4%


everything else is not worth writing about

boilermaker75

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Jurgis

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Jurgis

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Re: A Man for All Markets - Ed Thorp
« Reply #29 on: April 07, 2018, 01:33:18 PM »
Ed Thorp seems like a nice guy and I liked his approaches to beat casino and stock market.

However, the book is rather boring and IMO pretty basic. Maybe it's just that we've all heard this in other places multiple times. Maybe he was trying to get his writings to book length with filler material. It also is not quite a biography (which I would have liked) and not quite a how-to-invest book (which I am not really interested in). IMO both halves suffer from rather so so treatment. It might be that this is a good book for someone who have not read about Ed Thorp previously and/or have not read about how to invest (and how not to).
"Human civilization? It might be a good idea." - Not Gandhi
"Before you can be rich, you must be poor." - Nef Anyo
"Money is an illusion" - Not Karl Marx
--------------------------------------------------------------------
"American History X", "Milk", "The Insider", "Dirty Money", "LBJ"