Bet Smart: The Kelly System for Gambling and Investing

by Richard Hollos and Stefan Hollos

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...

• Format: Paperback
• Language: English
• ISBN: 1887187014
• ISBN13: 9781887187015
• Release Date: October 2008
• Publisher: Abrazol Publishing
• Length: 144 Pages
• Weight: 0.41 lbs.
• Dimensions: 0.4" x 5.5" x 8.8"