Jul

12

Here is a copy of Richard Proctor's 1887 book, "Chance and Luck". Proctor thoroughly describes luck and chance in a very thorough but antiquated way. He also gives a very complete treatment of lotteries, horse racing, gambling on the stock market, and notes on poker. He delves into gambler's fallacies, coincidences, and Martingale systems. His stock market gambling chapter is basically covering the types of wagers at bucket shops and is full of holes….A caveat, he does make some mistakes, minor math stuff and wrong sentiments taken as fact. Proctor tends to moralize, a paraphrase of his, "If one has more information regarding a wager than another, then any wager between the two parties is immoral." There are plenty more examples of this type of moralization. However, Proctor's book, like Bacon's, contains a hundred practical useful nuggets and several meals of a lifetime for the speculator. Coming in ~ 150 pages, it's an easy read and very interesting. Frankly, I just like how he thinks and heartily recommend this book as a good addition to any spec's library.


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