Trend Following With Michael Covel

My guest today is William Poundstone, an American author, columnist, and skeptic. He has written a number of books including the Big Secrets series and a biography of Carl Sagan. The topic is his book Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street. In this episode of Trend Following Radio we discuss: Claude Shannon The connection between Al Capone The Kelly formula, bookmaking, and the telephone industry Bell Labs and information theory Why, when betting, if there's a small chance of losing everything, you will eventually lose everything Criticisms of the Kelly criterion Ed Thorp, blackjack, and card counting Long-Term Capital Management Martingale vs. Kelly Early development of the Black-Scholes formula Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend fol