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Thorp: Genius Gambler TO Genius Investor

Gambling is not the same as trading or investing because gambling is all about luck not science or mathematics. But if some one makes money in casinos not with luck but with mathematical calculations using computers, then why can't the same be done in the stock market. That's what Edward Thorp did.

Thorp was born in 1932 in Chicago to family that was struggling to meet ends in the Great Depression. So nobody at home had time to pay attention to the little Thorp. Hence Thorp kept himself busy surrounded with books all the time.

By the age of 19 he was UCLA pursuing degree in Physics which was followed by a Phd in Mathematics. Thorp soon started to work at MIT among scientists who were into developing machines called computers. During this time in 1958, Thorp went on a trip to Vegas and played roulette, blackjack at casinos. And the idea struck him that using IBM 704 computer he can beat the casino. And he did, and even wrote a book called Beat the Dealer. But then he got banned by most casinos.

Thorp back in his job as professor, met Warren Buffett in late 1960s, who introduced him to stock market investing and this meeting encouraged him to use his mathematical skills to beat the market as well. So this genius started working on it.

By 1969, Thorp started a hedge fund management called Princeton Newport Partners, which went on to earn 19.1% annual return for next two decades, but in 1988 he had to close it down because one of his partners disobeyed a Federal rule/regulation.

However, Thorp's personal portfolio has given him a 20% annual return over 30years. And to know how Thorp excelled at market's you can read his book called "BEAT THE MARKET"
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