Anybody here ever read Kelly's paper that gave birth to the KellyCrit

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erion? I'm currently reading Fortune's Formula and was curious if reading his paper would be of benefit from the standpoint of edification. (or maybe it's too dated, or is covered better elsewhere, since many years have passed since it was published). Thanks.

Actually I think it's Shannon's paper, Kelly just helped develop it.

[pzhon]

Yes, I have read Kelly's paper. You can find it here: http://www.bjmath.com/bjmath/kelly/kelly.pdf

It covers more material than any introduction to the Kelly criterion I have seen, in part because it shows the connections with information theory. It goes beyond the coinflip edge/odds formula to the optimal bets on multiple horses.

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Thanks - much appreciated. [img]/images/graemlins/smile.gif[/img]