"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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Source : William Poundstone (2010). “Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street”, p.102, Macmillan

William Poundstone

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