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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.

William Poundstone

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William Poundstone
Age: 69
Born: 1955
Born: March 29
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Large
Swiss
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Misunderstood
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Probability
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Propounded
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Investors
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Kelly

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