- Nov 30, 2013View SourceI plan to go.Hunter
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On Nov 30, 2013, at 11:30 AM, Jim <jim@...> wrote:
NOTE: For just this Dec 2013 meeting, we will be meeting in the Mercer Island library.
The next meeting of the AAII Puget Sound Chapter Eastside small group discussion will be Tuesday, December 10, 2013 at 7pm.
MEETING TOPIC: "The Kelly Criterion"
The Kelly Criterion is a simple formula which explains why the collapse of Long Term Capital Management in 1997 was predictable and with which a successful hedge fund manager made his fortune. Unfortunately, Kelly is not mentioned in most discussions of portfolio management.
“In most gambling scenarios, and in some investing scenarios under some simplifying assumptions, the Kelly strategy will do better than any essentially different strategy in the long run (that is, over a span of time in which the observed fraction of bets that are successful equals the probability that any given bet will be successful). . . . . . . In recent years, the Kelly Criterion has become a consideration by mainstream investment theorists. Indeed, the claim has been made that well-known successful investors including Warren Buffett and Bill Gross use Kelly methods.” Additional information may be found at:
MEETING Facilitator: Group discussion will be led by John Cole, jcole@...
John received top ratings when he presented the “Fama and French 3-Factor Model” in Oct. 2013
MEETING LOCATION: The meeting will be in the Mercer Island Library, 4400 88th Ave. S.E., Mercer Island, 98040 206-236-3537. The large conference room has been reserved for our meeting.
Each attendee is encouraged to bring questions about any investing topic and related matters.
It is perfectly acceptable to attend even if you don’t have specific questions.
No need to send “Regrets” but it is helpful if you respond with an RSVP if you plan to attend.
(NOTE: You are welcome to attend without an RSVP. The meeting is open to the public - whether or not you are a member of AAII.)
PS: Information about the next chapter-wide meeting of the Puget Sound AAII Chapter can be found at:
Details here: http://www.aaii.com/chapters/info?ChapterID=16
and here: http://sites.google.com/site/pugetsoundchapter/
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