About Dr. William T. Ziemba

Dr William T. Ziemba is the chief investment officer of Alpha Z Advisors, LLC. Dr. Ziemba is the Alumni Professor (Emeritus) of Financial Modeling and Stochastic Optimization in the Sauder School of Business, University of British Columbia, and professor at the ICMA Centre, University of Reading. His PhD is from the University of California, Berkeley.

Ziemba has been a visiting professor at Cambridge, Oxford, London School of Economics, and Warwick in the UK, at Stanford, UCLA, Berkeley, MIT, University of Washington and Chicago in the US, Universities of Bergamo, Venice and Luiss in Italy, the Universities of Zurich, Cyprus, Tsukuba (Japan), KAIST (Korea) and the National University of Singapore.

Ziemba has also been a consultant to a number of leading financial institutions including the Frank Russell Company, Morgan Stanley, Buchanan Partners, RAB Hedge Funds, Gordon Capital, Matcap, Ketchum Trading and, in the gambling area, to the BC Lotto Corporation, SCA Insurance, Singapore Pools, Canadian Sports Pool, Keeneland Racetrack and racetrack syndicates in Hong Kong and Australia. His research is in asset-liability management, portfolio theory and practice, security market imperfections, Japanese and Asian financial markets, hedge fund strategies, risk management, sports and lottery investments and applied stochastic programming.

He has published widely in journals such as Operations Research, Management Science, Mathematics of OR, Mathematical Programming, American Economic Review, Journal of Economic Perspectives, Journal of Finance, Journal of Economic Dynamics and Control, and JFQA and in many books and special journal issues. Recent books include Applications of Stochastic Programming with S.W. Wallace, SIAM-MPS, 2005, Stochastic Optimization Models in Finance, 2nd edition with R.G. Vickson, World Scientific, 2006 and Handbook of Asset and Liability Modeling, Volume 1: Theory and Methodology (2006) and Volume 2: Applications and Case Studies (2007) with S. A. Zenios, North Holland, Scenarios for Risk Management and Global Investment Strategies with Rachel Ziemba, Wiley, 2007, Handbook of Investments: Sports and Lottery Betting Markets, with Donald Hausch, North Holland, 2008, Optimizing the Aging, Retirement and Pensions Dilemma with Marida Bertocchi and Sandra Schwartz and The Kelly Capital Growth Investment Criterion, 2010, with prominent hedge fund trader Edward Thorp and Leonard MacLean, Calendar Anomalies and Arbitrage, The Handbook of Financial Decision Making (with Leonard MacLean) and Stochastic Programming (with Horand Gassman), all published by World Scientific in 2012. His co-written practitioner paper on the Russell-Yasuda model won second prize in the 1993 Edelman Practice of Management Science Competition. He has been a futures and equity trader and hedge fund and investment manager since 1983. He is the series editor for North Holland’s Handbooks in Finance, World Scientific Handbooks in Financial Economics and Books in Finance, and previously was the CORS editor of INFOR and the department of finance editor of Management Science, 1982-1992. He has continued his columns in Wilmott and his 2013 book with Rachel Ziemba have the 2007-2013 columns updated with new material published by World Scientific. Ziemba, along with Hausch, wrote Beat the Racetrack (1984)(revised as Dr Z’s Beat the Racetrack (1987), which presented their place and show betting system and the Efficiency of Racetrack Betting Markets (1994, 2008) – the so-called bible of racetrack syndicates. Their 1986 book Betting at the Racetrack extends this efficient/inefficient market approach to simple exotic bets. Ziemba is revising BATR into Exotic Betting at the Racetrack which adds Pick3,4,5,6, etc and updates the text for World Scientific to be out in the spring 2014.


Dr. William Ziemba has consulted with many top financial institutions and trading entities around the world, including:

  • Yamaichi Research Institute, Tokyo, August 1988-December 1989, on worldwide security market anomalies and portfolio strategy.
  • Edward O. Thorp and Associates, on Global Investment Strategies, December 1990-1996.
  • Gordon Capital Corporation, on Global Investment Strategies, 1990-91.
  • Frank Russell Company, on Global Asset Allocation and Portfolio Management Research, June 1989-April 1998.
  • Buchanan Partners, on Global Investment Strategies, London, England, March 1992 – April 1994.
  • Morgan Stanley, New York, on U.S. and global investment strategies, March 1993.
  • Market Research, Nassau, Bahamas, October 1996 – July 2000.
  • Credit Swiss First Boston, London, December 1999.
  • Innovest (Siemens Austria Pension Plan), Vienna, December 1999- July 2001.
  • GruppoUni Credit, Milan, January, 1999- July 2001.
  • SCA Insurance, Dallas on sports insurance guarantees, August 2001-March 2006.
  • ORS, Alba, Italy, August 2000 – 2005.
  • Mansion on lottery strategies, January 2004 – to present
  • IS Partners, Zurich, October 2005-January 2006
  • RAB Capital, Hedge Funds, London, February 2006 to March 2007
  • Canyon Capital Advisors, LLC, Los Angeles, February 2007