Free Ebook Beat the Market: A Scientific Stock Market System, by Edward O. Thorp, Sheen T. Kassouf
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Beat the Market: A Scientific Stock Market System, by Edward O. Thorp, Sheen T. Kassouf
Free Ebook Beat the Market: A Scientific Stock Market System, by Edward O. Thorp, Sheen T. Kassouf
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"profits in bad times"
- Sales Rank: #1110141 in Books
- Published on: 1967-10
- Number of items: 1
- Binding: Hardcover
- 221 pages
- scientific stock market system that works!
Most helpful customer reviews
33 of 35 people found the following review helpful.
The veritable secrets of the universe are revealed
By J. Rensink
E. O. Thorp has made a tremendous career from finding opportunities and properly exploiting them as advertised in this ground breaking book. There is no one in the financial world who has had a better risk-adjusted return than Thorp for the last 30 years.
Virtually unknown is the fact that years before, Thorp invented/discovered the formula that is attributed to Black-Scholes, with the exception of the risk-free interest rate factor, because of existing market structure that prevented interest from being a factor.
And Thorp's treatment of the Kelly Criterion makes this a standout work.
Since many have never read this book yet or tried to apply the principles that Thorp revealed in this book, it would be easy to dismiss this as some worn-out idea that has come and gone. Far from it. There is a reason that the few copies that were printed are still in demand.
The old saying is that those who can, do - while those who can't, teach. Thorp proved that he was the former.
If the principles from the book are understood the execution in different markets becomes apparent. In the last 20 years, I have applied the method in different forms in stocks, futures markets and LEAPS, with returns that exceeded the benchmarks stated in the book, with the same relative safety factors.
As long as there are people making investment decisions; who change their views as to whether a tradeable is cheap or dear, the opportunity for this method will remain infinite.
The concept IS the thing.
29 of 33 people found the following review helpful.
Dated, but a good filter rule
By Bachelier
The strategies in this wonderful book are only employable in Asia now, and in very limited ways (often insurance and bank stocks and bonds) but you take a lot of liquidity risk, so I'm not sure if you are still paid alpha over an expected return.
Still, a marvellous read. Pre-dates the Black-Scholes by five years, but in a replicating portfolio no-arbitrage method (which implies a lognormally distributed expected equity return) which Thorp then correctly pointed out was arbitrageable.
This book also serves as a curious filter rule. Those who read this and understand the old world and Thorp's method most likely can see current methods and models and break them down and differentiate them into tractable and fantasy. Credit structures who've relied on standard cash-flow and default probability metrics would have done well to start with Thorp to see how what they construct can be de-constructed by clever boots who see both the strengths of the original construct, and the copula methods and correlation assumptions in the structure (and its decay) to make arbitrage opportunities. In other words; if they read Thorp and "get it" they have a lower likelihood of being hoodwinked going forward.
6 of 6 people found the following review helpful.
Good Book--free pdf online
By Math Fan
Good Book--offered for free pdf -- on line
This is a good book--sort of a classic since it's written by thorpe--google search it and you can find a free pdf online
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