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fortune s formula the man behind the name fortune s formula is a living legend edward o thorp in 1958 thorp was a young up and coming professor at mit he went to las vegas on a holiday vacation and experimented with a blackjack strategy about which he recently read thorp later taught himself fortran and developed a methodology that could gain a verifiable edge over blackjack he wanted to publish his work in the most prestigious journal that might take the article the proceedings of the national academy of science 1 the story kelly criterion bio of edward o thorp thorp s hedge funds thorp s fund of hedge funds black scholes system x hedge fund market wizards the story articles had to be submitted by a national academy member thorp knew fellow mit professor dr claude shannon was the only academy member who was a mathematician in november of 1960 thorp presented his findings to shannon via his paper a winning strategy for blackjack shannon liked the paper and agreed to submit it but suggested a name change to a favorable strategy for twenty one in early 1961 thorp s paper was published and he was invited to present a version of it to the american mathematical society since the presentation was not for the national academy thorp titled it fortune s formula a winning strategy for blackjack in 2005 william poundstone published fortune s formula a book that took creative license with the name since although the book briefly mentioned thorp s original paper on blackjack it was mainly about the kelly criterion