Fortune's Formula
by William Poundstone
The story of the Kelly criterion: Shannon, Thorp, the mob, and the argument between Kelly bettors and Samuelson's economists. Entertaining history with a genuinely useful idea about bet sizing.
Read it if…
you want to understand optimal bet sizing through a great story.
See the book →
Skip it if…
you want a formula sheet.
Try instead: Building Wealth One House at a Time →
Three things you will actually use
- Bet in proportion to edge.
- Overbetting ruins; underbetting wastes.
- Survival first.
Do this first
Read the Kelly chapters and size one real decision by edge.
Our verdict
The Kelly story.
See the book →
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