The guest this week is Ed Thorp. the father of modern blackjack. His book Beat the Dealer was the first to discuss card counting, and paved the way for thousands of card counters over the last 50+ years. His new book is A Man For All Markets.
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Bob, you need to balance the mic volume feeds of all. Your vol is about 10 and the rest are around 3 or 4. Difficult to listen to when volume needs to be adjusted constantly. Love the podcast.
Every time I listen to a podcast it stops playing in the beginning or near the beginning
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This was another great listen. Prof. Thorp is one smart man.
I agree with both of the above comments. I seems that LVA and GWAE sites run really slow at times, esp on Mac devices.
So now we have Ed Thorp telling us shortly after the 55 minute mark that for most of us, buying index funds and minimizing mutual fund fees will be the right approach to investing. This echoes the comments made by John Bogle, founder of Vanguard funds in the FRONTLINE episode “The Retirement Gamble”.
So how could most of us presume to think that we somehow know better and can beat indexing as an investment strategy? Unless you are able to accurately assess your investing aptitude, AND have invested the time and effort to acquire the skills needed to beat the market, you are probably very much mistaken to think that you can do better than what Thorp and Bogle advise.
Just finished “A Man for All Markets” and highly recommend it . It now sits on my book shelf next to my 1966 copy of Beat the Dealer.
The Medallion Fund at Renaissance Technologies is probably the best example of what it takes to “beat the market”. Its a “team” of 300 with about 100 PhD’s who spend their days looking for “opportunities” to beat the market.
Inside a Moneymaking Machine Like No Other
The Medallion Fund, an employees-only offering for the quants at Renaissance Technologies, is the blackest box in all of finance.
by Katherine Burton
November 20, 2016, 9:01 PM PST November 25, 2016
https://www.bloomberg.com/news/articles/2016-11-21/how-renaissance-s-medallion-fund-became-finance-s-blackest-box