This quantity supplies the definitive therapy of fortune’s system or the Kelly capital progress criterion as it’s usually known as. The technique is to maximise future wealth of the investor by maximizing the interval by interval anticipated utility of wealth with a logarithmic utility operate. Mathematical theorems present that solely the log utility operate maximizes asymptotic future wealth and minimizes the anticipated time to arbitrary giant objectives. In basic, the technique is dangerous within the quick time period however because the variety of bets improve, the Kelly bettor’s wealth tends to be a lot bigger than these with basically totally different methods. So more often than not, the Kelly bettor may have rather more wealth than these different bettors however the Kelly technique can result in appreciable losses a small % of the time. There are methods to cut back this threat at the price of decrease anticipated remaining wealth utilizing fractional Kelly methods that mix the Kelly advised wager with money. The varied traditional reprinted papers and the brand new ones written particularly for this quantity cowl varied features of the speculation and follow of dynamic investing. Good and unhealthy properties are mentioned, as are fixed-mix and volatility induced progress methods. The relationships with utility concept and the usage of these concepts by nice traders are featured.