J. L. Kelly Jr.

J. L. Kelly Jr. was an American researcher known for developing the Kelly criterion, a mathematical formula used to determine the optimal size of bets in gambling and investments. It aims to maximize long-term wealth growth by balancing risk and reward, ensuring you don’t bet too much (which risks large losses) or too little (which limits gains). The Kelly criterion has applications in finance, betting, and decision-making under uncertainty, helping individuals and organizations make strategic, mathematically informed choices to grow their assets efficiently over time.