Title: Useful and Interesting
Product review: Very interesting to read and very useful to know. The Kelly Criterion applies to all variants of investments (gambling, stock market, horse racing, etc). This book explains the history of the Kelly Criterion and academic misunderstanding of it.The only problem with the book is that it did not explore the daily applications of the Kelly formula. Many readers would finish the book and ask: So how do I use this? The book also fail to explain how to adapt the Kelly concept to situations with multiple outcome states rather than only Win or Lose. Support for multiple outcome states is essential in real-life applications of Kelly Criterion [...]Overall, the book is great as an introduction to money management.
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