Agree- I was his trainer for the 10+ years pre Covid and he always was one of the most dedicated clients I had ever come across with a great attention to detail and appreciated the importance of consistency. 😊
@@estranged12 well I always thought it seemed like quite a bit more than expected when he told me but I’ve never known him to lie about anything so it wouldn’t surprise me. It’s possible he switched some numbers by mistake but he also was incredibly detailed and meticulous.
I bought his blackjack book when I was about 26. About 1980. I studied it and made $2000+ on a trip through Las Vegas in 1981 at the old Stardust. I found it hard work for me to keep count and I was scared they would figure out I was a card counter. Amazing to find he is still alive and doing awesome.
Thanks for this amazing information !! If you don't find a means of multiplying money, you will wake up one day to realize that the money you thought you had, has finished. Investment is key, I pray that anyone who reads this will be successful in life
Very true, I started investing before the pandemic and that same year I pulled a profit of about $750k with no prior investing experience, basically all I was doing was seeking guidance from *ROCHELLE DUNGCA-SCHREIBER* who's a guru in the game, you can be passively involved with the aid of a professional.
I clicked on this video because I thought beating casino sounds interesting, didn't realize this guy is a mathematics legend!! Thank you Tim for putting out this content for us all to learn and have better lives for having listened ❤️
Wow, a true legend. He is rather humble in his maturity. When he was young man he used to pass genius tests all the time to play with his teachers. This is at least what I've read. In hearing him I believe it.
Ed Thorpe is an incredible guy! I was fortune enough to see him interviewed off his biography tour in 2016 and got a signed copy and a minute to speak with him.
Tim, if you get a chance to talk to him again (which I'm sure you will), please ask him some details about his diet. It is inspiring to see an 89 year old man having more memory cells in his brain than most of 30 year olds. No kidding.
@@TheSteinbitt this is partially true, but also lifestyle plays and is often forgotten. Poorer people and less genius people can do this through the learning process. Many studies show that the very act of learning can counter age related decline. So if you're in a rut, take up language learning is one of the simplest. It is just workout for the brain. Having worked in Healthcare, if sloth, gluttony and substance abuse weren't the borderline default of most people, hospitals and nursing homes would have like half the patients or less. Take a walk, read a book and learn a language. It's really that simple, but the reality is most people won't do it. You can take cheap or free courses even, if you don't need an accredited degree, don't seek just the bar, or just fishing. Go to the local place that teaches random skills, do an art class, a cooking class etc. This dude was constantly thirsting for knowledge, and constantly learning is the workout for the brain. And if you approach it in part for your health, then even if you're not a genius and not easy to learn, it doesn't matter, do it for "fun" don't over stress or beat yourself up if you're not a genius. Just learn what you can learn.
I feel like Mr. Thorp has great a understanding about the art of living. I need to listen to myself more and run quickly from anything that goes against my nature. Thanks for setting such a great example.
I reckon if you have a LOT of money you can live how you want. I'm guessing since you are here we have to understand the system plays both sides and needs our money to pay others. Problem is when money buys information it can result in slavery. "fact checkers" owned by Thomson group run by hedge fund managers, money for some is like a drug, there is never enough.
I read his book-- absolutely extraordinary guy and life experience. Reminded me of my college department chairman, while the team were down the hall conducting experiments on students oversight by Bell Labs refugees seeking PhDs under him burning grants, he'd be in his corner office crunching numbers about Dice, Blackjack and Options chains. So funny.
I've met him a couple times before at an annual party that he goes to in Vegas. He really is an incredible guy on every front that he decides to tackle. Good job Ed and I enjoyed your video and your book.
Thinking for yourself is one of the biggest takeaways for me. I've been learning about this concept from other investors like Charlie Munger. Who emphasizes the importance of independent thinking.
You used to be a fine ass bomb intelligent woman 👠 Now your just another grifter Dollar sign AMPE Ampio pharma Remember the number one thing affected by interest rates are short seller margin Don't listen to wall st fairy tales Your here to tax them increase there cost of doing business not be fleeced. Markets are expanding not contracting Low floats are salvation. Study ODum the only on to really ever do it. Otherwise your gonna be learning worthless T.A or stratagems that requires a 100 thousand dollar account All markets are indexed since Jack Bogle. They have to chase the flow of funds. Some times it's great to be a guppy Remember all comment sections are now heavily curated wall st. Bets is not organic Probably martin Martin shkreli brainchild if not Anton shkreli type
Transition from plastic to glass. (Or aluminum) for all containers where plastic is used. Glasses totally renewable. Many stations to collect the glass is a new industry. That part of the plastic industry could be phased out in three years.
The issue I have with his stock market advice, which is quite conventional, is it assumes your goal is to make the highest percentage a year for many years. The problem with this is it's too one-size-fits-all, and you might have many goals beyond making money and limitless scenarios which entail sacrificing this thinking altogether. I think the more accurate answer is knowing yourself and what trade-offs you wish to make. Individualized approach, not standardized. In addition, his thinking relies heavily on historical data, which is no guarantee for future performance. 5-10+ yrs ago, I liked index (and closed-end) funds a lot as a replacement for savings accounts. But now my feeling is crypto and precious metals are superior to equities, especially crypto, since blockchain seems to be the direction so many industries are heading, though maybe time will prove me wrong, and plain-vanilla equities will still be good to hold in the future.
If you read his books, he always advises that index funds will out-perform the market over the long-term. He also states that a rational investor always prefers more returns/money to less money/returns. Be he understands that not everyone is rational, and some people will choose low predictable returns.
So glad I found you by way of Edward O. Thorp and by the way yes I subscribed you have a unique way of letting your guess speak freely and that is A + Thank You kindly
Edward Thorp was revolutionary, not because of his book. He figure out how to price the options before BS model was published. Shannon's information theory, which we use every day. Without his information theory the modern tech. will not work - those people we need today to transform our current society into scientific society - today's academic and educational system are broken, will not produce brillant people like Thorp and Shannon.
Great podcast. Interesting though how Bernie madoff and Ken Griffen are both brought up seeing how Ken and Citadel has been in some very hot water as of late
Amazing - Edward Thorp's insight are brilliant, and this interview brings them back to the forefront of my thoughts. It's great to be reminded them again.
This is one of the best interviews I have ever seen. I remember reading "Beat the Dealer" years ago. I used his tables on Blackjack years ago but I had know Idea that Edward O. Thorp was into investing. His stories are amazing. I really enjoyed this interview.
Thorp's model seems better suited for professionals with access to advanced software and data sources. As a retail trader, I have doubts about applying it on my own.
This 89 yr old Man is AMAZING he remembers dates invited Quant Trading before it existed came up with the options pricing model BEFORE Black Scholes broke Vegas Figured out Madoff was a Lie Bought Warren Buffet stock at less than $1,000 bucks a share ($465,000/sh now!) predicted buffet would be the richest man in the world (he hit that point) and is worth over 800 million himself in the Market Wizard book! very risk-averse never put much money at risk that he traded his book his narrated by him Man for all Market...Ed thorp is the TRUTH!
Wish you would have asked him if part of his interest in self improvement possibly includes any aesthetic procedures, such as chemical peels, laser treatments, etc. There are a lot of aesthetic clinics in Newport Beach.
There aren't many, if any traders that ever beat the market consistently... If they have the edge was luck on top of great TA skills.. The best are around 60% at peak but over time that drops off.
I acquired a signed copy of A Man for all markets at a book signing at UC Irvine when the book came out. I enjoyed the interview and getting to meet him briefly. He seems much more cognitively sound in this interview. At the book signing he came off fine in the interview, but almost rehearsed. Speaking with him directly he came off frail and quite a bit slower mentally.
Whoa. My Dad and I bought his course well before he published his book. In the early days the dealers used single decks and counting was pretty easy. I’ll always remember how well my Dad did the first time we went card counting in Reno. What a pleasure to watch this interview.
