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)

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

Related topics

driving engine large law mathematician numbers probability swiss system treatise bernoulli kelly

Related quotes

A system is a set of things – people, cells, molecules, or whatever – interconnected in such a way that they produce their own pattern of behavior over time. [...] The system, to a large extent, causes its own behavior!

Donella Meadows

Books in a large university library system: 2,000,000. Books in an average large city library: 10,000. Average number of books in a chain bookstore: 30,000. Books in an average neighborhood branch library: 20,000.

Anthony Burgess

So long as the system of competition in the production and exchange of the means of life goes on, the degradation of the arts will go on; and if that system is to last for ever, then art is doomed, and will surely die; that is to say, civilization will die.

William Morris

Social conditions that spur large numbers of people into action are ignored in favor of a Hollywood version of history focusing on one conquering hero. Since a movement for social change is embodied in its leader, death of the leader means death of the movement.

Patricia Hill Collins

I build no system. I ask an end to privilege, the abolition of slavery, equality of rights, and the reign of law. Justice, nothing else; that is the alpha and omega of my argument: to others I leave the business of governing the world.

Pierre-Joseph Proudhon