Summary
Bell Labs scientist John Kelly showed how a gambler with an edge should size bets to grow wealth fastest. The result, the Kelly criterion, became a cornerstone of position sizing for gamblers, investors and traders.
Source
- Title
- A New Interpretation of Information Rate
- Author
- J. L. Kelly Jr.
- Year
- 1956
- Published by
- Bell System Technical Journal
- Length
- 10 pages
- File
- PDF · 121 KB