The Perfect Bet: How Science and Math Are Taking the Luck Out of Gambling

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"An elegant and amusing account.... Anyone planning to enter a casino or place an online bet would be advised to keep this book handy." --Wall Street Journal
For the past 500 years, gamblers-led by mathematicians and scientists-have been trying to figure out how to pull the rug out from under Lady Luck. In The Perfect Bet, mathematician and award-winning writer Adam Kucharski tells the astonishing story of how the experts have succeeded, revolutionizing mathematics and science in the process. The house can seem unbeatable. Kucharski shows us just why it isn't. Even better, he demonstrates how the search for the perfect bet has been crucial for the scientific pursuit of a better world.
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About the author

Adam Kucharski is an assistant professor in mathematical modeling at the London School of Hygiene and Tropical Medicine and an award-winning science writer. He studied at the University of Warwick before completing a PhD in mathematics at the University of Cambridge. The winner of the 2012 Wellcome Trust Science Writing Prize, Kucharski lives in London.
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Additional Information

Publisher
Basic Books
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Published on
Feb 23, 2016
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Pages
288
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ISBN
9780465098590
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Features
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Language
English
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Genres
Computers / Intelligence (AI) & Semantics
Mathematics / Applied
Mathematics / Probability & Statistics / General
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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Using the letters Warren Buffett wrote to his partners between 1956 and 1970, a veteran financial advisor presents the renowned guru’s “ground rules” for investing—guidelines that remain startlingly relevant today.

In the fourteen years between his time in New York with value-investing guru Benjamin Graham and his start as chairman of Berkshire Hathaway, Warren Buffett managed Buffett Partnership Limited, his first professional investing partnership. Over the course of that time—a period in which he experienced an unprecedented record of success—Buffett wrote semiannual letters to his small but growing group of partners, sharing his thoughts, approaches, and reflections.

Compiled for the first time and with Buffett’s permission, the letters spotlight his contrarian diversification strategy, his almost religious celebration of compounding interest, his preference for conservative rather than conventional decision making, and his goal and tactics for bettering market results by at least 10% annually. Demonstrating Buffett’s intellectual rigor, they provide a framework to the craft of investing that had not existed before: Buffett built upon the quantitative contributions made by his famous teacher, Benjamin Graham, demonstrating how they could be applied and improved.

Jeremy Miller reveals how these letters offer us a rare look into Buffett’s mind and offer accessible lessons in control and discipline—effective in bull and bear markets alike, and in all types of investing climates—that are the bedrock of his success. Warren Buffett’s Ground Rules paints a portrait of the sage as a young investor during a time when he developed the long-term value-oriented strategy that helped him build the foundation of his wealth—rules for success every investor needs today.

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