Wednesday, February 4, 2009

Edward O. Thorp: The Market Wizard of Market Wizards

Profiled in Schwager's biblical work, Market Wizards, Interviews with Top Traders (HarperBusiness 1988), top trader Larry Hite says that after reading Edward O. Thorp's Beat the Dealer, he came away with the idea that "Successful investment was really a matter of odds, and if you could compute the odds, you could find....methods that could beat the market."

Blair Hull, profiled in Schwager's follow up book entitled The New Market Wizards (HarperBusiness 1992), says he was inspired by Ed Thorp's book prior to 1971. "Without it, I don't think I would be in the trading business today." Hull's trading was so successful he later sold his company to Goldman Sachs for $531 million in 1999. (Source: The Boston Globe, July 13, 1999)

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