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The Kelly Criterion is a very popularized mathematical formulation of a simple concept, and that simple concept is: 'Don't risk everything. Stay out of jail. Don't bet everything on one big gamble. Just be very careful how much you bet each time so you don't lose the whole
kitty.'
Naval Ravikant
The Kelly Criterion: Avoid Ruin By Not Gambling Big
Kelly Criterion: Avoid Ruin
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