Bet Smart: The Kelly System for Gambling and Investing
£7.20
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.
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Additional information
| Publisher | Abrazol Publishing (31 Oct. 2008) |
|---|---|
| Language | English |
| File size | 3322 KB |
| Simultaneous device usage | Unlimited |
| Text-to-Speech | Enabled |
| Screen Reader | Supported |
| Enhanced typesetting | Enabled |
| X-Ray | Not Enabled |
| Word Wise | Not Enabled |
| Sticky notes | On Kindle Scribe |
| Print length | 144 pages |
by mjktrading.com
A great guide to the Kelly betting and other systems for those with at lease undergraduate level mathematics and an interest in gambling/investment. It is a mathematical discussion on ways to maximise profit while minimising loss over a series of investments, where the investor can calculate expected value of outcomes. As such the book offers nothing by way of tips or investment opportunities. Highly recommended to readers with a theoretical interest in this field and gamblers/investors able to apply this complex mathematics.
by Sam T.
At 144 pages, this book is short on content, but covers the Kelly system quite well. Wish it had more examples and more on Utility theory. As a concise book its just ok.