Seniors hacking the lottery, living their best lives and inventing plant-based fuels | Full Episodes

60 Minutes
24 Feb 202466:49
EducationalLearning
32 Likes 10 Comments

TLDRThe video script tells the remarkable story of a retired Michigan couple, Jerry and Marge Selby, who used their mathematical skills to figure out a way to win the state lottery repeatedly, earning millions. It also explores the 90 Plus study at the University of California, Irvine, which investigates factors contributing to longevity and dementia in the oldest old, revealing surprising findings about exercise, alcohol, and cognitive resilience. Additionally, the script highlights the innovative work of Marshall Medoff, an amateur scientist who developed a method to convert plant life into sustainable transportation fuels, potentially impacting the environment and health positively.

Takeaways
  • πŸ“ˆ Last year, Americans spent over 80 billion dollars on state lotteries, which is more than what was spent on concerts, sporting events, and movie tickets combined.
  • πŸ’° 25 States collected more revenue from lottery proceeds than from corporate income tax, highlighting the significant economic impact of lotteries in the U.S.
  • πŸ€“ Jerry and Marge Selby, a retired couple from Michigan, managed to win $26 million by figuring out the odds and strategies for various state lottery games.
  • πŸŽ“ Jerry Selby, who has a bachelor's degree in math, quickly identified a unique feature in the lottery game called 'roll down' that allowed him to calculate a positive return on investment.
  • πŸ† The Selbys' success in the lottery was not a scam or an inside job, but rather a result of their mathematical analysis and strategic ticket purchasing.
  • πŸš— After retiring, the Selbys invested in lottery tickets instead of enjoying a quiet retirement, leading to substantial winnings and the establishment of a corporation, GS Investment Strategies.
  • 🀝 Jerry and Marge invited family and friends to share in their lottery winnings by selling shares in their corporation, creating a local investment group.
  • πŸ“Š The Boston Globe's investigative reporting revealed that two groups, the Selbys and a syndicate led by math majors from MIT, were dominating the Massachusetts Cash Winfall lottery game.
  • 🏦 The Massachusetts state treasurer shut down the Cash Winfall game and called for an investigation after the Boston Globe's reports raised suspicions of the game being rigged.
  • πŸ† Despite the investigation, it was found that no one's odds of winning were affected by high-volume betting, and both the Selbys and the MIT group legally won millions from the lottery over several years.
Q & A
  • How much did Americans spend on State lotteries last year according to the transcript?

    -Americans spent more than 80 billion dollars on State lotteries last year.

  • What did the retired couple from Michigan, Jerry and Marge Selby, make by winning various state lottery games?

    -Jerry and Marge Selby made 26 million dollars by winning various state lottery games.

  • What was unique about the lottery game called Windfall that Jerry noticed?

    -The unique feature of Windfall that Jerry noticed was the 'roll down' mechanism, where if the jackpot reached 5 million and no one matched all six numbers, all the money rolled down to the lower tier prize winners, dramatically boosting the payouts for those who matched fewer numbers.

  • How did Jerry Selby initially calculate the potential return on investment for playing Windfall?

    -Jerry calculated that if he played $1,100, mathematically he'd have one four-number winner worth $1,000 and 18 or 19 three-number winners worth $50 each, resulting in a total return of about $1,900 on his investment.

  • What was the name of the corporation Jerry set up to manage their lottery winnings?

    -Jerry set up a corporation called GS Investment Strategies.

  • What was the name of the group that the Selbys were competing with in the Massachusetts lottery game?

    -The Selbys were competing with a syndicate led by math majors from MIT.

  • What did the Boston Globe investigation into the lottery games reveal about the Selbys and the MIT group?

    -The investigation revealed that both the Selbys and the MIT group were able to legally win millions from the state lottery by figuring out the odds and making high-volume bets.

  • What was the total amount the Selbys made from playing the lottery over 9 years?

    -The Selbys made more than $26 million from playing the lottery over 9 years.

  • What did the Massachusetts state treasurer do in response to the Boston Globe articles about the lottery games?

    -The Massachusetts state treasurer shut down the Cash Windfall game and called for an investigation.

  • What was the conclusion of the investigation led by then State Inspector General Greg Sullivan?

    -The investigation found no evidence of corruption or organized crime. It concluded that the high-volume betting did not affect anyone's odds of winning and that the state made $12 million from the lottery games.

Outlines
00:00
🎯 The Curious Case of Lottery Mathematics

This paragraph discusses the story of Jerry and Marge Selby, a retired couple from Michigan who managed to win the state lottery multiple times by understanding the game's mathematical probabilities. They exploited a unique feature in the lottery game called 'rolldown', which significantly increased the payouts for lower tier winners. By applying basic arithmetic and setting up a corporation, they involved family and friends in their lottery winnings, creating a sort of hedge fund. Their strategy was based on the concept that in the Windfall lottery, if no one won the jackpot, the money would roll down to the lower prize tiers. Their success story was eventually discovered by the Boston Globe, leading to an investigation but no evidence of foul play was found.

05:00
πŸ† The Selbys and the MIT Syndicate

This paragraph continues the narrative of the Selbys, highlighting their comparison to a syndicate of math majors from MIT who also figured out how to win the lottery legally. The MIT group, comprised of young individuals, was led by an undergraduate who discovered the lottery's statistical twist and pooled money with his friends to play professionally. Over seven years, they bet between $17 to $18 million on the Cash Winfall game, earning $3.5 million in profits, a similar rate of return as the Selbys. The Massachusetts state treasurer shut down the Cash Winfall game due to suspicion of rigging, but an investigation found no corruption. The Selbys' and MIT group's stories are contrasted, showing that mathematical genius can lead to unexpected outcomes in games of chance.

10:02
🧠 The 90+ Study: Unraveling the Secrets of Longevity

This paragraph introduces the 90+ Study, a groundbreaking research project aimed at understanding the factors that contribute to living past the age of 90. The study began with data collected from 14,000 residents of Leisure World, now Laguna Woods, a retirement community in California. Dr. Claudia Kos and her team, funded by the National Institutes of Health, tracked the health and longevity of these individuals, with a focus on diet, exercise, vitamins, and activities. The study has revealed that behaviors such as moderate alcohol consumption, maintaining weight, and regular exercise are associated with longer life. Interestingly, the study also challenges some common beliefs, such as the effectiveness of vitamins in prolonging life.

15:05
🧬 Dementia and Alzheimer's: The 90+ Study's Findings

This paragraph delves into the 90+ Study's findings on Alzheimer's and Dementia among the oldest old. The study has shown that the risk of developing dementia doubles every five years starting at the age of 65. However, the presence of Alzheimer's pathology, such as plaques and tangles, in the brain does not always correlate with clinical dementia. Some individuals with significant brain pathology exhibit no cognitive decline, a phenomenon termed 'resilience'. The study also found that high blood pressure in the oldest old may lower the risk of dementia, contrary to its effects in younger individuals. The research provides valuable insights into the complex nature of dementia and highlights the need for further study.

20:09
πŸ€” The Complexities of Dementia

This paragraph further explores the complexities of dementia, emphasizing that it is a syndrome with various potential causes, not just Alzheimer's disease. The 90+ Study has discovered that many elderly individuals diagnosed with Alzheimer's during their lifetime may actually have other conditions contributing to their dementia, such as TDP-43 protein, microinfarcts, or hippocampal sclerosis. The study also reveals that some individuals with significant brain pathology do not exhibit cognitive decline, suggesting the presence of resilience. This resilience could be due to genetic factors, and the study aims to investigate this further. The findings challenge the simplistic view of dementia and open up new avenues for understanding and potentially treating the condition.

25:11
πŸš— An Unconventional Path to Environmental Solutions

This paragraph tells the story of Marshall Medoff, an amateur scientist with no formal scientific education, who dedicated over a decade of his life to finding a way to convert inedible plant life into environmentally friendly transportation fuels. Medoff's innovative approach using electron accelerators to break down biomass and access the sugars within has attracted the attention of investors and led to the establishment of a factory. His work has resulted in the creation of a bioplastic that can be programmed to disintegrate over specific time spans and environmentally friendly biofuels. Medoff's persistence and self-belief have led to significant advancements in the field of sustainable energy and materials.

30:12
🌿 The Breakthrough of Biomass Conversion

This paragraph discusses the potential impact of Marshall Medoff's invention in the fields of sustainable energy and waste management. His process of extracting sugars from biomass to create biofuels and bioplastics presents a promising alternative to petroleum-based products. The biofuels produced through his method have a significantly lower carbon footprint compared to traditional fuels. Additionally, the bioplastics developed can be programmed to degrade over specific periods, addressing the issue of plastic pollution. Despite the challenges of breaking into established markets, Medoff's inventions tick many boxes, including compatibility with existing infrastructure and environmental benefits. His work, inspired by his reflections at Walden Pond, demonstrates the power of individual innovation in solving global challenges.

Mindmap
Keywords
πŸ’‘lottery
A lottery is a game of chance in which people buy tickets with numbers on them, and the winners are chosen by random drawing. In the context of the video, it highlights the story of a retired couple who managed to win millions by understanding the odds and system of the lottery games they participated in.
πŸ’‘mathematics
Mathematics is the field of study that deals with numbers, quantities, and shapes using logical reasoning and calculations. In the video, Jerry Selby's background in mathematics allowed him to analyze and understand the lottery game's structure, leading to their repeated wins.
πŸ’‘investigation
An investigation is a systematic and detailed examination of a subject or situation to uncover facts, especially in order to solve a problem or answer a question. In the video, an investigation was launched after the unusual high volume of lottery winnings raised suspicions, but it found no illegal activities, just a couple who used their mathematical skills to their advantage.
πŸ’‘retirement
Retirement is the phase of life when a person stops working, usually after reaching a certain age or after a lifetime of work. In the video, the Selbys were in retirement when they embarked on their lottery winning journey, which contradicts the common expectation of a passive retirement life.
πŸ’‘odds
Odds refer to the likelihood or probability of a particular event occurring, often used in the context of gambling or games of chance. In the video, the concept of odds is central as it describes the statistical probability of winning the lottery, which Jerry Selby managed to calculate and improve to their advantage.
πŸ’‘corporate income tax
Corporate income tax is a tax imposed on the profits or income earned by corporations. In the video, it is mentioned to highlight the significant amount of money generated by state lotteries, which in some cases exceeded the revenue from corporate income tax.
πŸ’‘investors
Investors are individuals or entities that commit money, capital, or other resources to a venture, expecting a profit or other benefits. In the video, the Selbys' success in the lottery attracted family, friends, and local investors who bought shares in their corporation, hoping to share in the profits.
πŸ’‘windfall
A windfall refers to an unexpected or sudden gain or profit, often used in the context of receiving money or other valuables without effort. In the video, 'Windfall' is also the name of the lottery game that Jerry Selby identified as having favorable odds for winning.
πŸ’‘education
Education is the process of acquiring knowledge, skills, values, and habits, often through formal schooling or other learning environments. In the video, the Selbys used their lottery winnings to support the education of their children, grandchildren, and great-grandchildren, emphasizing the value they placed on learning and personal development.
πŸ’‘90 plus study
The 90 Plus Study is a research project focused on understanding the factors contributing to longevity and healthy aging by examining individuals over the age of 90. The study aims to identify behaviors, genetics, and other elements that may contribute to living longer and healthier lives.
Highlights

Americans spent over 80 billion dollars on state lotteries last year, more than what was spent on concerts, sporting events, and movie tickets combined.

25 States took in more revenue from lottery proceeds than from corporate income tax, highlighting the economic impact of lotteries.

Jerry and Marge Selby, a retired couple from Michigan, made $26 million by winning various state lottery games dozens of times.

Jerry, who has a bachelor's degree in math, quickly identified a unique feature in the lottery game called 'roll down' that allowed him to calculate potential winnings.

The Selbys set up a corporation, GS Investment Strategies, and invited family and friends to share in their winnings by selling shares in the corporation.

Jerry and Marge Selby's lottery winnings were so successful that they attracted the attention of the Boston Globe, which led to an investigation.

The investigation found no evidence of corruption or organized crime; instead, it revealed that the Selbys had legally exploited the lottery's odds through mathematical analysis.

The Massachusetts state treasurer shut down the cash windfall game due to the high volume betting by syndicates, but the state made $12 million from the game.

The 90 Plus study at UC Irvine is researching factors associated with living longer and the prevention of dementia.

The study found that exercise, moderate alcohol consumption, and social engagement are associated with living longer.

Contrary to common belief, the risk of developing dementia doubles every 5 years starting at age 65 and continues to increase with age.

The 90 Plus study discovered that high blood pressure is associated with a lower risk of dementia in nonagenarians, which contradicts previous assumptions.

The study found that even individuals without dementia can have plaques and tangles in their brains, suggesting that these markers may not be the sole cause of cognitive decline.

TDP-43, a protein originally found in ALS patients, is a newly identified cause of dementia and may account for up to one in five cases of dementia in people over 90.

The concept of 'resilience' is introduced, where some individuals may have cognitive protection against dementia despite having brain pathology.

Marshall Medoff, an amateur scientist with no formal scientific education, developed a method to transform inedible plant life into environmentally friendly transportation fuels.

Medoff's invention uses electron accelerators to break apart plant biomass, releasing sugars that can be converted into biofuels and other products.

Medoff's company, Zyomer, has received hundreds of millions of dollars in investment and is building a factory to scale up his inventions.

Zyomer's bioplastics can be programmed to disintegrate over specific time spans, addressing the issue of plastic pollution.

Medoff's ethanol is significantly better than regular corn ethanol in terms of greenhouse gas emissions, with a 77% improvement.

Transcripts
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