Edward Oakley Thorp is an American mathematics professor, author, hedge fund manager, and blackjack researcher. He pioneered the modern applications of probability theory, including the harnessing of very small correlations for reliable financial gain. Thorp is the author of Beat the Dealer, which mathematically proved 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. More than twenty years after the publication of Beat the Dealer, the best-selling book on winning at blackjack, Dr. Thorp again focused his attention on gambling games with an analysis of:. BACCARAT â Can card counting eliminate the house advantage?
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For those of a similar name, see Edward Thorpe(disambiguation).
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Dr. Edward Oakley Thorp (born August 14, 1932,Chicago) is an Americanmathematics professor, author, hedge fund manager, and blackjack player. He iswidely known as the author of the 1962 book Beat theDealer, which was the first book to prove mathematically thatblackjack could be beaten by card counting.[1]The technique eliminated the advantage of the house, which had anestimated maximum of approximately 5% (when following strategieswith the smallest possibility of winning, either mimicking thedealer or never busting), and instead gave the player an advantageof approximately 1%.[2]He is also regarded as the co-inventor of the first wearablecomputer along with Claude Shannon.[3]
Thorp received his Ph.D. from the University ofCalifornia, Los Angeles in 1958, and worked at M.I.T. from1959 to 1961. He was a professor of mathematics from 1965 to 1977and a professor of mathematics and finance from 1977 to 1982 at University of California,Irvine.
Computer aided researchin blackjack![]()
Ed Thorp used the IBM 704as a research tool in order to investigate the probabilities ofwinning while developing his blackjack game theory, which was based on theKellycriterion which he learned about from the 1956 paper byKelly.[4][5][6][7]He learned Fortran in orderto program the equations needed for his theoretical research modelon the probabilities of winning at blackjack. Thorp analyzed thegame of blackjack to a great extent this way, while devisingcard-counting schemes with the aid of IBM 704 in order to improvehis odds,[8]especially near the end of a card deck that is not being reshuffledafter every deal. Thorp subsequently decided to test his theory inpractice in Reno, Lake Tahoe and Las Vegas.[9][6][8]
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Appliedresearch in Reno, Lake Tahoe and Las VegasThe Mathematics Of Gambling Edward Thorp
Beat the Dealer by Ed Thorp, 1966 edition
Thorp started his applied research using $10,000, with Manny Kimmel, awealthy professional gambler and one-time illegal bookie with mobconnections,[10]providing the venture capital. First they visited Reno and LakeTahoe establishments where they tested Thorp's theory at the localblackjack tables.[9]The experimental results proved successful and his theory wasverified since he won $11,000 in a single weekend.[6]He could have won more during his initial foray in Las Vegas hadhis uncanny ability at winning not drawn the unwelcome attention ofthe casino security, which led to repeated expulsions from thevarious premises that he visited that night. Casinos now shufflewell before the end of the deck as a countermeasure to his methods.During his Las Vegas casino visits Thorp frequently used disguisessuch as wraparound glasses and false beards.[9]In addition to the blackjack activities Thorp had assembled a baccarat team which was alsowinning.[9]
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News quickly spread throughout the gambling community, which waseager for new methods of winning, while Thorp became an instantcelebrity among blackjack aficionados. Due to the great demandgenerated about disseminating his research results to a widergambling audience, he wrote the book Beat the Dealer in1962, widely considered the original card counting manual,[11]which sold over 700,000 copies, a huge number for a specialty titlewhich earned it a place in the New YorkTimes bestseller list, much to the chagrin of Kimmel whoseidentity was thinly disguised in the book as Mr. X.[6]
It is also worth noting that Thorp's blackjack research[12]is one of the very few examples where results from such reached thepublic directly, completely bypassing the usual academic peer review processcycle. Moreover, Thorp became one of the very few applied mathematicians who risked physicalharm in verifying a computer simulation. He has also stated that heconsidered the whole experiment an academic exercise.[6]This also marked the first time in the history of computing that acomputer was used as a gambling aid.
In addition, Thorp, while a professor of mathematics at MIT, metClaudeShannon, and brought him and his wife Betty Shannon as partnerson weekend forays to Las Vegas to play roulette and blackjack, at which Thorp was verysuccessful.[13]His team's roulette play was the first instance of using a wearablecomputer in a casino â something which is now illegal.[13][3]The wearable computer was co-developed with Claude Shannon between1960-61. The final operating version of the device was tested inShannonâs home lab at his basement in June 1961.[3]His achievements have led him to become an inaugural member of theBlackjack Hall of Fame.[14]
Stockmarket
Since the late 1960s Thorp has used his knowledge of probability and statisticsin the stock market by discovering and exploiting a number ofpricing anomalies in the securitiesmarkets, and he has made a significant fortune.[5].Princeton/Newport Partnerswas Thorp's first hedge fund, achieving an annualized net return of15.1 percent over 19 years. He is currently the President of EdwardO. Thorp & Associates, based in Newport Beach, CA. InMay 1998 Thorp reported that his personal investments yielded anannualized 20 percent rate of return averaged over 28.5 years. [15]
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