For reasons mathematical, psychological, and sociological, … - William Poundstone

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For reasons mathematical, psychological, and sociological, it is a good idea to use a money management system that is relatively forgiving of estimation errors.

William Poundstone

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About William Poundstone

William Poundstone is an American author, columnist, and skeptic. He has written a number of books including the Big Secrets series and a biography of Carl Sagan. He is a cousin of comedian Paula Poundstone.

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John Kenneth Galbraith Paul Samuelson Nassim Nicholas Taleb John Maynard Keynes Benoit Mandelbrot

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The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a law that has been misunderstood by gamblers (and investors) ever since.

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For reasons mathematical, psychological, and sociological, it is a good idea to use a money management system that is relatively forgiving of estimat… - William Poundstone

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