Truth matters. Community matters. Your support makes both possible. LAist is one of the few places where news remains independent and free from political and corporate influence. Stand up for truth and for LAist. Make your year-end tax-deductible gift now.
'The Quants': It Pays To Know Your Wall Street Math
Listen
28:44
In 1962, Ed Thorp became every gambler's favorite mathematician when he published the first mathematically proven method for beating the dealer at blackjack.
Thorp's work revolutionized the game. But he went further: In 1967, Thorp devised a system that uses math and computers to predict the future of the stock market. His hedge funds and his personal portfolio have been profitable ever since.
Thorp and the people who use such systems have come to be known as "quants" — it's a reference to the quantitative-analysis techniques they employ — and their stories are told in Scott Patterson's new book The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It.
Thorp has taught at MIT and UCLA. Patterson writes for the Wall Street Journal. They join Terry Gross for a conversation about Patterson's new book.
Copyright 2023 Fresh Air. To see more, visit Fresh Air. 9(MDA1OTI3MjQ5MDEyODUwMTE2MzM1YzNmZA004))
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
