The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a law that has been misunderstood by gamblers (and investors) ever since.


Part Two, Blackjack, The Kelly Criterion Under The Hood, p. 102 - Fortune's Formula (2005)

William Poundstone Quotes

The engine driving the Kelly system is the law of large numbers. In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a...

The engine driving the Kelly system is the law of large numbers. In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a...

The engine driving the Kelly system is the law of large numbers. In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a...

The engine driving the Kelly system is the law of large numbers. In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a...