William Poundstone - System Quotes

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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.

William Poundstone

For reasons mathematical, psychological, and sociological, it is a good idea to use a money management system that is relatively forgiving of estimation errors.

William Poundstone

The story of the Kelly system is a story of secrets - or if you prefer, a story of entropy.

William Poundstone