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Two things shape the course of your life: luck and your decisions (with Annie Duke)
Clearer Thinking with Spencer Greenberg
Applying the Kelly Criterion
The Kelly criterion suggests betting an amount in proportion to your edge in a bet. For example, with a 50% edge in a two-to-one bet, one should bet half of their total money. While full Kelly is the ideal approach, many opt for half or quarter Kelly to have a margin of safety. This strategy helps in enduring fluctuations and prevents a high likelihood of going broke despite having an edge.
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