Edward O. Thorp Quotes

Who is Edward O. Thorp?

Edward O. Thorp is an American math professor, inventor, best-selling author, hedge-fund manager and gambler.

Born August 14, 1932

Books by Edward O. Thorp


Best 30 Quotes by Edward O. Thorp

A Man for All Markets Quotes

“Be aware that information flows down a 'food chain', with those who get it first 'eating' and those who get it late being eaten.”

Edward O. Thorp
A Man for All Markets

“Character is destiny.”

Edward O. Thorp
A Man for All Markets

“Chose young smart people just out of university because they were not set in their ways from previous jobs. Better to teach a young athlete who comes fresh to his sport than to retrain one who has learned bad form.”

Edward O. Thorp
A Man for All Markets

“Do not assume that what investors call momentum, a long streak of either rising or falling prices, will continue unless you can make a sound case that it will.”

Edward O. Thorp
A Man for All Markets

“Education builds software for your brain.”

Edward O. Thorp
A Man for All Markets

“I don’t object to some people being richer, even much richer, than others. I object to gain of wealth through political connections rather than earning it by merit.”

Edward O. Thorp
A Man for All Markets

“I learned the value of withholding judgement until I could make a decision based on evidence.”

Edward O. Thorp
A Man for All Markets

Offer of the week

Barista Espresso Machine

“If a basketball franchise pays my neighbor Kobe Bryant $20 million a year because it takes that much to get him, fine. But if hedge fund managers bribe politicians to put a clause in the laws cutting the tax rate on much of their income to a fraction of the percentage the average worker pays, I object.”

Edward O. Thorp
A Man for All Markets

“If you are like me and want better health, you can invest time and money on medical care, diagnostic and preventive measures, and exercise and fitness. For decades I have spent six to eight hours a week running, hiking, walking, playing tennis, and working out in a gym. I think of each hour spent on fitness as one day less that I’ll spend in a hospital.”

Edward O. Thorp
A Man for All Markets

“In its simplest form, investors sell losing stocks before the end of the current year, realizing losses that reduce the year’s income taxes. This behavior contributes to the so-called January effect where selling pressure in December further depresses the stock prices of the year’s losers, followed by a rebound and excessive performance in January.”

Edward O. Thorp
A Man for All Markets

“In order to attract and keep superior staff, I paid wages and bonuses well above the market rate. This actually saved money because my employees were far more productive than average.”

Edward O. Thorp
A Man for All Markets

“In the abstract, life is a mixture of chance and choice. Chance can be thought of as the cards you are dealt in life. Choice is how you play them. I chose to investigate blackjack. As a result, chance offered me a new set of unexpected opportunities.”

Edward O. Thorp
A Man for All Markets

“It doesn’t pay to push the other party to their absolute limit. A small extra gain is generally not worth the substantial risk the deal will break up.”

Edward O. Thorp
A Man for All Markets

“Life is like reading a novel or running a marathon. It’s not so much about reaching a goal but rather about the journey itself and the experiences along the way.”

Edward O. Thorp
A Man for All Markets

Products by Edward O. Thorp

“Nassim Taleb asked why, after a driver crashes his school bus, killing and injuring his passengers, he should be put in charge of another bus and asked to set up new safety rules.”

Edward O. Thorp
A Man for All Markets

“Our corporate executives speculate with their shareholders’ assets because they get big personal rewards when they win—and even if they lose, they are often bailed out with public funds by obedient politicians. We privatize profit and socialize risk.”

Edward O. Thorp
A Man for All Markets

You Might Like

“Be a better credit-giver than your peers, more willing than others to admit mistakes, more willing to explore possible reasons for an outcome with an open mind, even, and especially, if that might cast you in a bad light or shine a good light on someone else. In this way we can feel that we are doing well by comparison because we are doing something unusual and hard that most people don’t do. That makes us feel exceptional.”

Thinking in Bets


More quotes by Annie Duke

“Simple probability and statistics should be taught in grades kindergarten through twelve and that analyzing games of chance such as coin matching, dice, and roulette is one way we can learn enough to think through such issues.”

Edward O. Thorp
A Man for All Markets

“Simplify rules, regulations, and laws. Get government out of the business of micromanaging.”

Edward O. Thorp
A Man for All Markets

“The classic view of the correct price of a common stock is that it is derived from the value of all the future earnings. These earnings are uncertain and subject to unknowable factors.”

Edward O. Thorp
A Man for All Markets

“The lesson of leverage is this: Assume that the worst imaginable outcome will occur and ask whether you can tolerate it. If the answer is no, then reduce your borrowing.”

Edward O. Thorp
A Man for All Markets

“Thousand-dollar-an-hour New York professionals who pay $50 an hour for a car and driver so they can work while they commute understand clearly the monetary value of their time.”

Edward O. Thorp
A Man for All Markets

“To beat the market, focus on investments well within your knowledge and ability to evaluate, your 'circle of competence'.”

Edward O. Thorp
A Man for All Markets

“To get an idea of what your time is worth, take a moment now to think about how much you work and the income you get from your effort. Once you know your hourly rate you can identify situations where buying back some of your time is a bargain and other situations where you want to be selling more of your time. As you get used to thinking this way, I predict that you will often be surprised at how much you can gain.”

Edward O. Thorp
A Man for All Markets

“True success is exiting some rat race to modulate one’s activities for peace of mind.”

Edward O. Thorp
A Man for All Markets

“Understanding and dealing correctly with the trade-off between risk and return is a fundamental, but poorly understood, challenge faced by all gamblers and investors.”

Edward O. Thorp
A Man for All Markets

“When the interests of the salesmen and promoters differ from those of the client, the client had better look out for himself. This is the well-known agency problem in economics, where the interest of the agents or managers don’t coincide with those of the principals, or owners.”

Edward O. Thorp
A Man for All Markets

“With time, lucky managers tend to fade.”

Edward O. Thorp
A Man for All Markets

“Write down everything you spend. The waste in your daily spending should soon become apparent.”

Edward O. Thorp
A Man for All Markets

Products by Edward O. Thorp

“You can trade money for time by working less and buying goods and services that save time. Hire household help, a personal assistant, and pay other people to do things you don’t want to do.”

Edward O. Thorp
A Man for All Markets

“You can trade time and health to accumulate more wealth. Why health? You may be stressed, lose sleep, have a poor diet, or skip exercise.”

Edward O. Thorp
A Man for All Markets

You Might Like

“What makes a decision great is not that it has a great outcome. A great decision is the result of a good process, and that process must include an attempt to accurately represent our own state of knowledge. That state of knowledge, in turn, is some variation of “I’m not sure.”

Thinking in Bets


More quotes by Annie Duke