Edward Thorp: Legend Of Wall Street Billionaire

Legend Edward Thorp is one of the most famous cards in the world with his unique play style ... 0:00 / 4: 15 namedward Thorp.edward Thorp Full name is Edward Oakley Thorp Born on 14 / 8/1932 in Chicago-US in a poor family

. Even so, Thorp's parents still promote education with their children, always buying many books for boys Thorp. Thorp's innate talent was also developed since then when he read both advanced books for adults. Thorp's family is quite poor and mainly rely on the salary of father, plus the great crisis The 1930s of the United States made this genius life very difficult
They do not have enough food with sewing clothes everywhere. To support the family, Thorp begins to pay attention to business opportunities. Realizing that workers on the street worked hard, he borrowed a nickel (equivalent to 5 cents, 1 USD = 100 cents) to buy a pack of fruit powder into 6 glasses of water and resell each glass of a nickel. Although the sale of this freshwater is quite good, Thorp finds too much energy that only earns a few little coins. Winter, Thorp's father gave him a nickel to clear the snow in front of the house and the boy caught Head to knock on each house to suggest cleaning snow with similar wages. After a week of hard work, the money he obtained was much equal to half of his weekly salary. However, it found that Thorp earned the profit, many children also scratched the snow and made Thorp with the first lesson of competition. By the talent, Thorp was not difficult to get a doctorate in 1958 and became a professor Mathematics at Massachuset Technology Academy (MIT). At his free time, he often invited his colleagues to Las Vegas gambling to earn more. Calculation talents help him become a good silver handball
Interesting is that Thorp's way of dressing is not like a good silver hand. Wearing vest with big glasses, bald heads and hometowns that make casinos think he is blurred chicken. But only a few years after making money from Las Vegas, Thorp was listed blacklisted by casinos because the possibility of winning silver was too good. Other with normal gamblers, Thorp did not believe gambling as a chance subject And have used statistical probability to beat the Blackjack game, which is famous for being difficult to fraud as well as the most common time. It is Thorp who invented a card counting technique, allowing players to increase the winning rate. Specifically, this technique allows players to know when the advantage is tilting on them to increase the bet and when the advantage changes to the dealer to bet less or stop playing. Games 1962, Thorp for publishing books The book about tactics count cards and victory over the dealer, causing many casino to ban him into the door. Las Vegas since then is also over Thorp when he obstructs the money for the casinos. Thorp itself was also recognized as the only one at the time to beat all casinos. Wall Edward Thorp Street. Banned at many casinos so Thorp began to turn to the financial market. The teaching causes Thorp to feel boring and the charge of the capacity, so he needs to find the challenge to demonstrate its talent. With the ability to calculate and apply mathematical formulas, Thorp has earned goods Hundred million USD on the stock market. This is the same most famous time of Thorp when he creates strong attraction for young people as well as completely changing images of successful people as well as mathematicians at that time. Thanks for his success, Thorp for Seeing mathematics can also help enrich, pour the prejudices and packages with physical, chemical researchers or other industries. In 1969, Thorp established Convertible Hedge Associates, the investment fund according to the world's first quantitative algorithm. Since then, there is no precious quarter of the investment fund of Thorp loss. From the capital of 1.4 million USD initially gradually became 275 million USD and the yield was twice the growth rate of the index

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