Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

✍️ William Poundstone

This book is about the history of the Kelly criteria, which can be defined as the optimal amount of our money that should be bet given the odds. The way the story is told is really engaging. The book can be seen as a biography of several people involved in the business of betting, stock market and the mafia affairs. As someone that studied Information Theory, I found the Claude Shannon adventures on the betting and stock market world fascinating to read. For me it is unbelievable that I only heard about the Kelly criteria after reading this book. The book also talks about Ed Thorp winning at blackjack and all the ups and downs of several investors that did not take enough care when placing their bets. A light read and highly recommended.