John L. Kelly Jr.

John L. Kelly Jr. was an American mathematician and statistician best known for his contributions to information theory and optimal betting strategies. He developed the "Kelly Criterion," a formula that helps investors determine the ideal amount of capital to wager on an investment to maximize long-term growth while minimizing risk. This principle is widely used in finance, gambling, and decision-making under uncertainty. Kelly's work highlights balancing potential returns with the associated risks, making his ideas influential in various fields where strategic choices are critical.