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Math (Philip Guo (Vlogs (need to watch these) (PG Vlog #83 - Unstructured…

- - - - As he documented in his book Beat the Dealer, Thorp was able to show that the house advantage in blackjack could be overcome by card counting, a strategy he used to win tens of thousands of dollars at casinos during the 1960’s – practice which they now guard against, as it produced many copycats.
    - - Harvard grad and gambling expert James Grojean is the author of Beyond Counting: Exploiting Casino Games from Blackjack to Video Poker, a mathematical treatment of various forms of legal advantage play gamblers can use to increase their odds of winning – and Grosjean should know.
    - - The Kelly criterion is a formula used to determine the optimal size of a series of bets, whether in a casino or on the stock market. The theory was put into practice by gamblers like Thorp and Kelly’s associate Claude Shannon, though Kelly himself never used the theory to profit himself – though perhaps he never got the chance. Kelly died in 1965 at only 41 years old, leaving behind a formula that has been used to make the fortunes of big business moguls like Warren Buffet, Bill Gross, and Jim Simons as a legacy.
- - - - It's hard to swim with clenched fists.
        Learning isn't really about conveying information. That happens, sure, but the precondition is an environment to ask questions freely, risk being wrong, and updating your mental model for how things work. The student's curiosity ignites a feedback loop of progress, and facts come along for the ride.