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SBF
@SBF_FTX
Replying to
@tbr90
so you're saying that if you don't happen to think that $10k is exactly the perfect investment then 100% is definitely the perfect size? or something else?
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SBF
@SBF_FTX
Replying to
@tbr90
"Im saying once you violate a full Kelly optimal bet, you may as well do whatever you want bc you’re no long following wealth maximizing strategy " imagine trying to tell that one to your risk management team :P
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SBF
@SBF_FTX
Replying to
@tbr90
to be clear when you're doing this, what are you using for "your bankroll"? Does it include expected future earning power? Does it include intellectual property?
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SBF
@SBF_FTX
Replying to
@tbr90
sure -- note that your bankroll isn't actually a number, it's a complex function which is correlated to your bet outcomes, so it's not trivial to figure out what log bets even mean in that case.
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SBF
@SBF_FTX
Replying to
@tbr90
er that's an ok way to try to estimate it but it's not just a number! there isn't a single number that represents your bankroll if what you have is $5b of 20-year locked XRP. That bankroll has uncertainty and correlation with your bets!
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SBF
@SBF_FTX
Replying to
@tbr90
I'm claiming your bankroll isn't just one number, it's a multi-dimensional object which behaves differently in different betting contexts but whateves, not actually sure we disagree here
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