Ed wrote:
>If you bet your whole bankroll on any edge, then X percent of the time you
>will bust and then it's impossible to grow the bankroll. That severely
>limits your average bankroll growth.
Do you understand that average bankroll is maximized by betting it all
on any advantage?
>Kelly seeks to maximize the average rate of growth of a bankroll. In other
>words, if you bet according to Kelly at a +EV game then you will experience
>a greater average bankroll growth than if you bet any other way.
I was hoping you'd use different words. I still don't understand what
the Kelly Criterion maximizes.
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