Edward Thorp Net Worth is$800 Million
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Profession: Mathematician, Scientist
Date of Birth: Aug 14, 1932
Nicknames: Edward Thorp
Country: United States of America
Edward Thorp is the President of Edward O. Thorp & Associates, a professor of Mathematics, author, an investment fund manager and blackjack player, with a net worth of $800 million. Edward Thorp made his net worth through his computer and mathematical skills as a blackjack player, as the author of "Beat the Dealer" and other books on blackjack, and his successful dealings in the financial market, as well as a co-creator of the first wearable computer. He was born in Chicago, Illinois, U.S.
Edward Oakley Thorp (born August 14, 1932, Chicago) is an American mathematics professor, author, hedge fund manager, and blackjack player. He was a pioneer in modern applications of probability theory, including the harnessing of very small correlations for reliable financial gain.
He was the author of Beat the Dealer, the first book to mathematically prove,[citation needed] in 1962, that the house advantage in blackjack could be overcome by card counting. He also developed and applied effective hedge fund techniques in the financial markets, and collaborated with Claude Shannon in creating the first wearable computer.
Thorp received his Ph.D. from the University of California, Los Angeles in 1958, and worked at M.I.T. from 1959 to 1961. He was a professor of mathematics from 1961-1965 at New Mexico State University, and then joined the University of California, Irvine where he was a professor of mathematics from 1965 to 1977 and a professor of mathematics and finance from 1977 to 1982.
Ed Thorp used the IBM 704 as a research tool in order to investigate the probabilities of winning while developing his blackjack game theory, which was based on the Kelly criterion, which he learned about from the 1956 paper by Kelly. He learned Fortran in order to program the equations needed for his theoretical research model on the probabilities of winning at blackjack. Thorp analyzed the game of blackjack to a great extent this way, while devising card-counting schemes with the aid of the IBM 704 in order to improve his odds, especially near the end of a card deck that is not being reshuffled after every deal.
Thorp subsequently decided to test his theory in practice in Reno, Lake Tahoe, and Las Vegas.
Thorp started his applied research using $10,000, with Manny Kimmel, a wealthy professional gambler and one-time illegal bookie with mob connections, providing the venture capital. First they visited Reno and Lake Tahoe establishments where they tested Thorp's theor

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Edward Thorp Latest News

Record-setting investor Bill Miller says anyone who wants to make money in the stock market needs to read these 5 books

(4) 'A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market' by Edward O. Thorp Building on Kelly's formula and at times working with Shannon, Thorp's systemic ...
Posted: January 28, 2020, 8:42 am

Man learns identity of family members in century-old photos

CAMBRIDGE, Minn. — The mystery of the family photos taken in Marshfield, Wisconsin, during the early 1900s has been solved. David Marshall of Cambridge, Minnesota, has kept a group of antique family ...
Posted: February 23, 2020, 10:05 pm

Financial Freedom

Edward Thorp is our kind of man – a thinker. This professional gambler took a big Las Vegas secret to Wall Street… and what he learned can help us all reduce our risk.
Posted: February 4, 2020, 4:00 pm
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