At your recommendation, I read this and it was interesting, but I
think it exaggerated the value of the Kelly Criterion. I believe
Thorp's success was primarily due to positive expected value, not that
he didn't overbet his bankroll. "Sloppily" applying the Kelly
Criterion, without significantly and consistently overbetting, with
significant positive expected value, will still accomplish almost all
of what Thorp did.
>if you want a basic understanding of Kelly that doesn't require any math background, read Poundstone's "Fortune's Formula".
__._,_.___
Posted by: 007 <007@embarqmail.com>
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (29) |
.
__,_._,___
