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PDF⋙ Bet Smart: The Kelly System for Gambling and Investing by Stefan Hollos, Richard Hollos

Bet Smart: The Kelly System for Gambling and Investing by Stefan Hollos, Richard Hollos

Bet Smart: The Kelly System for Gambling and Investing

Bet Smart: The Kelly System for Gambling and Investing by Stefan Hollos, Richard Hollos PDF, ePub eBook D0wnl0ad

In 1956, a physicist named John Kelly working at Bell Labs published a paper titled "A New Interpretation of Information Rate". In the paper he draws an analogy between the outcomes of a gambling game and the transmission of symbols over a communications channel. For a positive expectation game, Kelly showed that a betting system based on a fixed fraction of the bankroll can make the bankroll grow at an exponential rate in the long run. The exponential growth rate in this case is directly analogous to the rate of information transmission through a communications channel. This book examines the Kelly system in detail. Applications of the Kelly system in both gambling and investing are considered. Python code for calculating the Kelly fractions for both a single stock investment and an investment in two stocks simultaneously is included. Included is an introductory review chapter on the probability theory needed to analyze gambling systems in general.There is also a chapter on some of the more commonly used gambling systems such as the Martingale system. This book will be useful for anyone interested in a good mathematical introduction to gambling systems in general, and the Kelly system in particular.

From reader reviews:

Clara Lee:

This Bet Smart: The Kelly System for Gambling and Investing are reliable for you who want to become a successful person, why. The main reason of this Bet Smart: The Kelly System for Gambling and Investing can be one of the great books you must have is actually giving you more than just simple studying food but feed a person with information that might be will shock your earlier knowledge. This book will be handy, you can bring it almost everywhere and whenever your conditions in e-book and printed people. Beside that this Bet Smart: The Kelly System for Gambling and Investing giving you an enormous of experience for example rich vocabulary, giving you trial of critical thinking that we all know it useful in your day task. So , let's have it and enjoy reading.


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