Kelly Criterion (2007)
The Kelly Criterion was the subject of an incomprehensibly bitter argument in the 1970s/1980s. Paul Samuelson, considered by many to be the greatest economist of the 20th century, believed the Kelly Criterion was wrong. And not just wrong but SO WRONG that anyone who believed it was an idiot.<p>The kind of idiot who could only understand single syllable words. So he wrote a paper in the Journal of Finance and Banking in words of only a single syllable saying why no one should use the Kelly Criterion.<p><a href="http://www-stat.wharton.upenn.edu/~steele/Courses/434/434Context/Kelly%20Resources/Samuelson1979.pdf" rel="nofollow">http://www-stat.wharton.upenn.edu/~steele/Courses/434/434Con...</a>