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formula. With notable volatility in its sequence of outcomes, the Kelly criterion can be used to estimate what proportion of wealth to risk in a sequence of positive expected value bets to maximize the rate of return. As a substantial warning, the outcome for the Kelly criterion's recommendation on
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where a reporter noted that "A machine that talks— and sings— stole the show today as the old
Bellevue Stratford vibrated with the speed of sound. The new gadget, a modified mechanical brain, recited passages from Shakespeare and sang musical selections in response to card-punched symbols, which
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use Kelly methods. Warren
Buffett met Thorp the first time in 1968. It's said that Buffett uses a form of the Kelly criterion in deciding how much money to put into various holdings. Mathematician and game theorist
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Over the decades, John Kelly's scientific formula has become a part of mainstream investment theory and the most prominent users, well-known and successful billionaire investors
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495:'... Then it gave a rendition of 'Daisy, Daisy, Give Me Your Answer Do' and ended by thanking the audience for listening.", "Robot talks, sings",
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249:, Kelly's research assistant in 1960 and 1962. Shannon and Thorp also applied the same theory to the stock market with even better results.
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computer to synthesize speech. A demonstration by Kelly and
Gerstman took place on May 10, 1961, at a meeting in Philadelphia of the
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demonstration. Clarke was so impressed that he used it in one of the climactic scenes of his novel and screenplay for
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fame visited his friend and colleague John Pierce at the Bell Labs Murray Hill facility and heard this remarkable
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Fortune's
Formula : The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
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Computer
Synthesized Speech Technologies: Tools for Aiding Impairment: Tools for Aiding Impairment
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created one of the most famous moments in the history of Bell
Telephone Laboratories by using an
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A heavy smoker who could go through six packs of cigarettes a day, Kelly died of a
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American
Scientist online: Bettor Math, article and book review by Elwyn Berlekamp
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The Las Vegas connection: Information theory and its applications to Game theory
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91:(December 26, 1923 – March 18, 1965), was an American scientist who worked at
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developed by
Shannon. It is reported that Shannon and his wife Betty went to
325:"Why We Should Not Make Mean Log of Wealth Big Though Years to Act Are Long"
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402:"Apply the Kelly Criterion to Investing and Your Portfolio Sizing"
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computer sings the same song as it is being disabled by astronaut
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University of Texas at Austin
College of Natural Sciences alumni
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Thorp, E. O. (September 2008), "The Kelly
Criterion: Part II",
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The Dhandho Investor: The Low-Risk Value Method to High Returns
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654:"Ed Thorp's Genius Detailed In Scott Patterson's 'The Quants'"
474:"Sounds of Speech— And They're a Card", by Charlie Bannister,
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on a Manhattan sidewalk at the age of 41 on March 18, 1965.
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Elwyn Berlekamp (Kelly's Research Assistant) Bio details
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Elwyn Berlekamp (Kelly's Research Assistant) Bio details
359:"The Man Who Solved the Market", Gregory Zuckerman, 2019
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The Man Who Solved the Market, Gregory Zuckerman (2019)
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372:(1956). "A New Interpretation of Information Rate".
151:were fed to it." Their voice recorder synthesizer
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138:In 1961, Kelly and colleagues Carol Lochbaum and
110:bet-size "relies heavily on the accuracy" of the
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130:. He graduated with a PhD in physics in 1953.
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551:John Kelly by William Poundstone website
205:at Bell Labs. Together they developed a
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493:To Be Or Not To Be' lines from 'Hamlet'
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277:. Axcom was the outsourced manager for
209:type method based on the principles of
19:For other people named John Kelly, see
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601:Zenios, S. A.; Ziemba, W. T. (2006),
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225:, and made very successful forays in
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245:and corroborated by the writings of
233:using this method, later called the
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388:10.1002/j.1538-7305.1956.tb03809.x
163:, with musical accompaniment from
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756:– description of Kelly criterion
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509:Arthur C. Clarke online Biography
783:20th-century American physicists
717:Bell Labs Text to Speech Systems
134:Speech synthesis: Enter Hal 9000
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201:John Kelly was an associate of
741:John Kelly and Edward O. Thorp
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415:John, Mullennix (2010-01-31).
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332:Journal of Banking and Finance
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16:American scientist (1923–1965)
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442:Lambert, Bruce (1992-03-21).
375:Bell System Technical Journal
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279:Renaissance Technologies Corp
148:Acoustical Society of America
128:University of Texas at Austin
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793:People from Corsicana, Texas
344:10.1016/0378-4266(79)90023-2
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695:"Get Rich: Here's the Math"
489:Australian Associated Press
21:John Kelly (disambiguation)
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528:"Text-To-Speech Synthesis"
487:Another reporter, for the
281:hedge fund flagship, the
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112:statistical probabilities
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625:Pabrai, Mohnish (2007),
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788:Scientists at Bell Labs
532:www3.alcatel-lucent.com
476:Philadelphia Daily News
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271:Axcom Trading Advisors
565:Poundstone, William:
497:Sydney Morning Herald
478:, May 10, 1961, p. 50
183:2001: A Space Odyssey
174:2001: A Space Odyssey
701:. 26 September 2005.
89:John Larry Kelly Jr.
30:John Larry Kelly Jr.
660:. February 5, 2010.
157:recreated the song
71:Manhattan, New York
722:2006-03-14 at the
710:General references
514:1997-12-11 at the
448:The New York Times
323:Samuelson (1979).
243:William Poundstone
211:information theory
101:information theory
658:www.gurufocus.com
640:978-0-470-04389-9
612:978-0-444-50875-1
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758:(in Polish)
207:Game theory
191:Dave Bowman
185:, when the
165:Max Mathews
767:Categories
537:2017-03-14
461:2017-03-14
305:References
287:Jim Simons
262:Jim Simons
258:Bill Gross
160:Daisy Bell
118:Early life
79:Occupation
633:, Wiley,
456:0362-4331
231:blackjack
215:Las Vegas
93:Bell Labs
82:Scientist
720:Archived
512:Archived
275:James Ax
227:roulette
223:Ed Thorp
187:HAL 9000
144:IBM 7094
154:vocoder
637:
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299:stroke
219:M.I.T.
73:, U.S.
54:, U.S.
328:(PDF)
293:Death
217:with
635:ISBN
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60:Died
45:Born
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
