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This book is about Kelly's criterion developed in 1956 by two scientists (John Kelly Jr. and Claude Shannon) at Bell Labs for the transmission of information over copper wires but who immediately realized its application to gaming and investing. Many more professional gamblers used the formula than investors. One investor Edward Thorpe used it both to beat the casino's and as a hedge fund manager to beat the market. THE FORMULA does not tell one how to find edge but once one does the formula indicates how much one should bet to maximize the creation of wealth. Be warned that the use of a full…
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Editions
3 editions- Paperback · English · 2006Hill and Wang · 400 pages · 9780809045990
- Hardcover · English · 2005Hill and Wang · 400 pages · 9780809046379
- Other · English · 2010Hill and Wang · 400 pages · 9780374707088
gaminginvestingcasinosgamblinghedge fundstrade sizingbet sizingHistory