Forums  > General  > Ed Thorp fan thread (maybe TGS partners also?)  
     
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jslade


Total Posts: 1206
Joined: Feb 2007
 
Posted: 2019-11-15 13:12
Dunno why there isn't a master thread for things related to Ed Thorp the way there is with Rentech. In many ways, Thorp is more interesting. He cracked Blackjack, Roulette, Options markets, stab art and who knows what else.

Maybe phorum members can dump their interesting Ed Thorpisms here.

A really cool interview which provoked this:

https://www.youtube.com/watch?v=-NPSaHIPwb8

His website:

http://www.edwardothorp.com/

"Learning, n. The kind of ignorance distinguishing the studious."

deeds


Total Posts: 468
Joined: Dec 2008
 
Posted: 2019-11-15 16:54

+1

Maggette


Total Posts: 1213
Joined: Jun 2007
 
Posted: 2019-11-15 17:36
He is in my all time polymath-problem-solver hero list...

I think he is above 80 in this video. A remarkable man.

Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

ironyman


Total Posts: 5
Joined: Nov 2019
 
Posted: 2019-11-20 04:36
.

kuebiko


Total Posts: 39
Joined: May 2018
 
Posted: 2019-11-20 11:15
Cool TGS article from 2014: https://www.bloomberg.com/news/articles/2014-05-08/three-mysterious-philanthropists-fund-fourth-largest-u-dot-s-dot-charity
They must’ve been quite successful...

pj


Total Posts: 3498
Joined: Jun 2004
 
Posted: 2019-11-20 13:15
> https://www.bloomberg.com/news/articles/2014-05-08/three->mysterious-philanthropists-fund-fourth-largest-u-dot-s-dot-charity

Could anyone share the article?
Please?

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

gmetric_Flow


Total Posts: 33
Joined: Oct 2016
 
Posted: 2019-11-20 13:29
Attached File: Article.pdf

tradeking


Total Posts: 27
Joined: May 2016
 
Posted: 2019-11-20 16:06
There's an entire chapter on Thorp in the Hedge Fund Wizards book. Some good bits in there on some of the systems he ran back in the day (convertible arb, equities stat arb, trend cta, etc.)

pj


Total Posts: 3498
Joined: Jun 2004
 
Posted: 2019-11-20 17:49
Thank you very much, gmetric_Flow!

The older I grow, the more I distrust the familiar doctrine that age brings wisdom Henry L. Mencken

gmetric_Flow


Total Posts: 33
Joined: Oct 2016
 
Posted: 2019-11-20 18:37
@pj Of course, anytime. Since it might be helpful, if you type the URL into google then click the green arrow and then on the cached version- you generally should be able to see the articles.

gmetric_Flow


Total Posts: 33
Joined: Oct 2016
 
Posted: 2019-11-20 18:37
@pj Of course, anytime. Since it might be helpful, if you type the URL into google then click the green arrow and then on the cached version- you generally should be able to see the articles.

quantfinguy123


Total Posts: 1
Joined: Dec 2019
 
Posted: 2019-12-02 04:29
How is TGS? Is the quality of the firm comparable to Rentech / DESCO?

Its Grisha


Total Posts: 24
Joined: Nov 2019
 
Posted: 2019-12-04 15:26
> Is the quality of the firm comparable to Rentech / DESCO?

Definitely at the highest level. I think they are less known to investors because they do not run diluted higher capacity versions of their strategies a la RIEF. Hence no incentive for any type of PR (not that rentec does much marketing).

TSWP


Total Posts: 433
Joined: May 2012
 
Posted: 2019-12-10 16:48
I am a great fan of Ed Thorp... done some work based on his work... did anyone ever considered treating the stock market trends as a card-counting analogues... sooner or later they end... probability of reversals increase... (I guess some people here will STRONGLY disagree... drop me a line if you don't Wink)

athletico


Total Posts: 962
Joined: Jun 2004
 
Posted: 2019-12-14 16:48
Hi TSWP, Robert Tompkins wrote a lot about card-counting analogies. He had something he called "The Theory of the Conservation of Volatility" that he published in Risk Magazine back in 90's, and this book: Options Explained

chiral3
Founding Member

Total Posts: 5143
Joined: Mar 2004
 
Posted: 2019-12-19 02:29
Serious question: why? If he's worth 800m-1b, ok, but why? I really didn't like his book. Reminded me of Soros' book. Maybe I am an outlier, but just don't get it. The other guys, recently passed, yes, but not Thorp.

Nonius is Satoshi Nakamoto. 物の哀れ

Rashomon


Total Posts: 211
Joined: Mar 2011
 
Posted: 2019-12-19 07:13
TSWP: read Aaron’s book, second or third chapter is “When Harry Met Kelly”. You can work out Kelly’s formula from Cover & Thomas.

Chiral3: yeah, not me either. Quants should be humble. I really liked the Granville papers on http://www.edwardothorp.com/articles/, not the functional analysis (but it was a different era mathematically when those were written), _Man for all Markets_ was like the Refco guy’s book, too self-aggrandizing.

NeroTulip


Total Posts: 1062
Joined: May 2004
 
Posted: 2019-12-19 09:45
I am half way through A Man For All Markets and I am enjoying it for the historical content, although it does have a self promoting tone that is sometimes painful. It's humblebrags bonanza. The author stops short of mentioning his IQ, but just barely. In a way, it is cute that someone who has achieved so much still craves recognition to that extent.


"Earth: some bacteria and basic life forms, no sign of intelligent life" (Message from a type III civilization probe sent to the solar system circa 2016)

Maggette


Total Posts: 1213
Joined: Jun 2007
 
Posted: 2019-12-19 10:47
Maybe it's a cultural thing ( I am German) and/or the finer stuff between the lines get's lost to me becuase english is not my first language. Or maybe I am autistic. Or maybe he is.

But to me the book (after watching his interviews) is more or less a "matter of fact" kind of thing. He is fucking smart, a pioneer in quant investment, probably a good mathematicain and physicist and a quite successfull hedge fund manager***....... and he just says so. Sheldon Cooper style.

Maybe a bit. He worked in his own small shop and I guess he kind of he feels he missed out a bit because of his early legal troubles. Don't know.

I am still a fan.

***
I don't thing you should look at net worth, because this is more heavily influenced by your ability to collect AUM

Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

ironyman


Total Posts: 5
Joined: Nov 2019
 
Posted: 2019-12-19 11:40
@Its Grisha

TGS started returning investors' money in the early 90s and went full prop sometime in 2002-ish. That's when they stopped filing all regulatory paperwork. Interesting how they managed to do so well with just 30 or so people.

They only started actively hiring in 2012, most likely an effort to modernize the large legacy codebase they own and to capture top talent in machine learning.

chiral3
Founding Member

Total Posts: 5143
Joined: Mar 2004
 
Posted: 2019-12-19 14:44
@nero: that was my take. I finished that book and wondered why someone would think it was their best crack at their last thing for posterity. My fandom probably peaked in the 90's and 00's when everything I heard was word-of-mouth.

Nonius is Satoshi Nakamoto. 物の哀れ

NeroTulip


Total Posts: 1062
Joined: May 2004
 
Posted: 2019-12-20 02:52
Exactly. Don’t get me wrong, I am still a big fan, just a bit puzzled by his tone.

"Earth: some bacteria and basic life forms, no sign of intelligent life" (Message from a type III civilization probe sent to the solar system circa 2016)
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