Ed Thorp - “If You Bet Too Much, You'll Almost Certainly Be Ruined” | #39

In this episode, Meb Faber welcomes Ed Thorp, renowned mathematician, author, and former hedge fund manager. Ed shares his journey from growing up during the Great Depression to becoming a self-taught scientist. He recounts his introduction to blackjack and the development of his card counting system, including his first experience in Las Vegas. Ed discusses managing emotions, the Kelly criterion, and the challenges faced in casinos. He then transitions to Wall Street, comparing gambling with investing and detailing Princeton Newport's strategy. Ed reflects on memorable trades and meeting Warren Buffett, offers investing advice, and shares his thoughts on cryonics and rationality in lottery tickets.