AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
2min chapter
#92 Ed Thorp and Claude Shannon
Founders
The Kelly Criterion of Entrepreneurship
This is an extremely important part of the entire book, because it's essentially a book about the difference between entrepreneurs and academics. To be a successful entrepreneur, you have to first survive. If your business blows up, you're done, you're out of the game. And I'm going to tell you later on a lot of the academics that criticize Thorpe and Buffett and the rest of these guys. They ended up starting a hedge fund, long term capital management, which is famous, and not understanding the Kelly formula,. and blowing up and needing to be bailed out by the US treasury. That is a huge important part of understanding what we're all trying to learn here.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode