Success story (really) …

… Foreword to Ed Thorp’s Memoirs (A Man for All Markets) – Medium. (Hat tip, Dave Lull.)

Thorp and Kelly’s ideas were rejected by economists — in spite of their practical appeal — because of their love of general theories for all asset prices, dynamics of the world, etc. The famous patriarch of modern economics, Paul Samuelson, was supposedly on a vendetta against Thorp. Not a single one of the works of these economists will eventually survive: your strategy to survive isn’t the same as ability to impress colleagues.