Interesting article on casinos and investing in a recent Morningstar Daily Newsletter, Ed Thorp’s quote below, beating roulette and card counting etc.
“In the abstract, life is a mixture of chance and choice. Chance can be thought of as the cards you are dealt in life. Choice is how you play them.”
**- Ed Thorp
Not sure if the copy/paste of the link works ex my email…but here goes -
Unconventional wisdom: What beating the casino teaches us about position sizing
The Kelly Criterion and the maths behind smarter investing.
Read More
Enjoy, Bruce