Bet Smart : The Kelly System for Gambling and Investing - Stefan Hollos

Bet Smart

The Kelly System for Gambling and Investing

By: Stefan Hollos, Richard Hollos

Paperback | 31 October 2008

Sorry, the book that you are looking for is not available right now.

We did a search for other books with a similar title, however there were no matches. You can try selecting from a similar category, click on the author's name, or use the search box above to find your book.

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.

More in Finance

The Algebra of Wealth : A Simple Formula for Success - Scott Galloway
Alice : The biggest untold story in the history of money - Stuart Kells


Australian Property Finance Made Simple - Konrad Bobilak


RRP $29.95


She's on the Money : Take Charge of Your Financial Future - Victoria Devine
Sort Your Property Out : And Build Your Future - John Pidgeon

RRP $32.95


The Trading Game : A Confession - Gary Stevenson

RRP $36.99


Going Infinite : The Rise and Fall of a New Tycoon - Michael Lewis
Fundamentals of Corporate Finance, 4th Edition - Robert Parrino

RRP $131.95