Wait, is that all the Kelly Criterion is? Used to think it was like... super complicated mathy stuff.https://twitter.com/Baalren/status/1233128591606439936 …
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Replying to @mattgoldenberg
I thought it was the optimal amount to bet, given that you're trying to maximize long-term winnings, as a fraction of the money you own, so that the chance of bankruptcy is 0 iirc you bet $(%chance of winning-%chance of losing)*money in bank
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Replying to @imhinesmi
Oh wait so that was backwards, that was like the satisficing Kelly criterion and what you're talking about is the maximizing Kelly criterion.
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Replying to @mattgoldenberg
yeah and it assumes you can make arbitrarily sized bets, among other things
1:08 PM - 27 Feb 2020
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