Princeton-Newport had 227 positive months out of 230 with the largest monthly loss just under 1%. Given all that Thorp is responsible for and achieved I find it very difficult to attribute his success to a bull market.
Just buy this and you'll get your answers. Ed Thorp is a market wizard, period. http://www.amazon.co.uk/Hedge-Fund-Market-Wizards-Winning/dp/1480590010
If you have 10,000 fund managers, one will appear genius but due to luck. To determine whether he had skill you must do extensive analysis and this is not possible.
Lol this is not a question of luck. This is a question of work, skills and in this case superior intelligence. If you think financial markets are a question of luck and gambling, you better leave right now because you'll lose all. Chris Mac