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Old 09-13-2017, 11:25 AM   #501
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Re: Mayweather v. McGregor

One of the many differences between having good models and doing calculations in your (limited) head is that good models will tell you when your edge is gone. At that point we simply pack up our **** and head to the beach.
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Old 09-13-2017, 02:41 PM   #502
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Re: Mayweather v. McGregor

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I have a question about kelly betting and just thought Id post it here. Lets say I cap a bet at 60% and the book is laying -120. After a big sample of making similar type bets my win % is ~57%. So I have an edge but likely not as big as my initial calculation. I am unsure what to put in as my odds for determining the kelly stake. It seems to me like it should be 57% but I need a big sample to get to that number. Is it safe to use 60% but then bet like 1/4 Kelly?

It is a pretty common spot for me so any help would be great.
I would trust that the 57% # is more accurate. One of the reasons full kelly is super dumb is it doesn't allow for calculation errors like this, but 1/2 kelly does. When you bet the "60%" edge at 1/2 kelly at -120 that's 6% of your roll. What you're actually betting is 6% on a 57% edge at -120 which is 1.1 kelly so yes you probably want to lower your fractional kelly since you're increasing variance and reducing bankroll growth rate with 1.1 kelly.

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Have any of you guys heard of Long Term Capital Management? I bet those guys thought they were geniuses and talked down to everyone too. How much did they lose in a few months? Like 5 billion?
These morons were not kelly staking. It's impossible to go broke betting kelly. They were using risk of ruin models. So assuming I make 10 bets with 10% of my bankroll each and each bet only has a 10% chance of going to zero I only have a minuscule chance of bustoville and I can just leverage myself 100x and everything should be fine right? The problem is if you're making correlated bets and don't know it like they were. When one bet goes to zero it's likely the others will go to zero too. So instead of a 0.1^10 chance of going bust it's more like 9%/year. 9%/year chance of going bust and you'll only last a few years like they did.
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Old 09-13-2017, 05:37 PM   #503
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Re: Mayweather v. McGregor

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I would trust that the 57% # is more accurate. One of the reasons full kelly is super dumb is it doesn't allow for calculation errors like this, but 1/2 kelly does. When you bet the "60%" edge at 1/2 kelly at -120 that's 6% of your roll. What you're actually betting is 6% on a 57% edge at -120 which is 1.1 kelly so yes you probably want to lower your fractional kelly since you're increasing variance and reducing bankroll growth rate with 1.1 kelly.
ok cool. thanks for clarifying
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Old 09-14-2017, 05:55 PM   #504
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Re: Mayweather v. McGregor

All you have to do to keep your "edge" here is wait for the next time the best boxer of all time goes 12 rounds with a viral marketing hype job from a totally different sport that has never been in the ring before, profit.
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Old 09-14-2017, 06:36 PM   #505
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Re: Mayweather v. McGregor

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All you have to do to keep your "edge" here is wait for the next time the best boxer of all time goes 12 rounds with a viral marketing hype job from a totally different sport that has never been in the ring before, profit.
My monthly nut is 30k. What can I do in the meantime?
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Old 09-15-2017, 05:58 PM   #506
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Re: Mayweather v. McGregor

Sit down with your spouse or significant other and make a household budget
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Old 09-16-2017, 05:54 AM   #507
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Re: Mayweather v. McGregor

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ok cool. thanks for clarifying
I disagree with almost everything he wrote to you btw. I would venture that virtually everyone who is an expert (n00b/Iowa/etc) would say the same thing. Betting Kelly fractions doesn't magically make you immune to estimation errors, it makes you less sensitive to over betting errors. (Especially >2x Kelly where +EV turns -EG.) Obviously someone who reads ****ing William Poundstone for advice on a mathematical optimization isn't gonna have any concept of what is actually going on, much less be able to articulate the finer points in any competent fashion.

I generally disagree with literally everything he writes on Kelly since he barely understands the topic tbf.

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Sit down with your spouse or significant other and make a household budget
Do you think he just came to 30k via the same way most people ITT came to a bet size on Mayweather?
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Old 09-16-2017, 12:48 PM   #508
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Re: Mayweather v. McGregor

It's important to have a household budget to begin saving for retirement.
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Old 09-16-2017, 01:13 PM   #509
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Re: Mayweather v. McGregor

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It's important to have a household budget to begin saving for retirement.
Retirement fund = bankroll
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Old 09-16-2017, 06:18 PM   #510
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Re: Mayweather v. McGregor

I was going to buy this week Fortune Formula.You think its not a good read,and it might offer misleading information?
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Old 09-16-2017, 06:57 PM   #511
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Re: Mayweather v. McGregor

wut does that even mean?
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Old 09-16-2017, 07:29 PM   #512
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Re: Mayweather v. McGregor

Its a good read. It won't make you an expert on KC. See all the posts that have been written. It doesn't even cover some of the most basic issues with how to apply Kelly, much less some of the mathematical issues.

I'd gladly debate anyone, anywhere on Kelly expert vs the book and me just shooting off the cuff.
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Old 09-18-2017, 09:37 PM   #513
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Re: Mayweather v. McGregor

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I disagree with almost everything he wrote to you btw. I would venture that virtually everyone who is an expert (n00b/Iowa/etc) would say the same thing. Betting Kelly fractions doesn't magically make you immune to estimation errors, it makes you less sensitive to over betting errors. (Especially >2x Kelly where +EV turns -EG.) Obviously someone who reads ****ing William Poundstone for advice on a mathematical optimization isn't gonna have any concept of what is actually going on, much less be able to articulate the finer points in any competent fashion.

I generally disagree with literally everything he writes on Kelly since he barely understands the topic tbf.
Any thoughts on my post that he responded to?
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Old 09-22-2017, 09:00 AM   #514
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Re: Mayweather v. McGregor

Your problem is that your modeling is systematically inaccurate. Kelly isn't appropriate when you're always overshooting 3%. (Maybe people boil in a margin to account for this. I don't because I'm a wizard or something.)
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Old 09-22-2017, 10:40 AM   #515
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Re: Mayweather v. McGregor

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I mean everyone here is acting like there has never been a shady thing to happen in the world of sport...BOXING no less.
before this thread dies

in which world would the fix be against floyd?
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Old 09-22-2017, 11:03 AM   #516
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Re: Mayweather v. McGregor

He tanks to push the date on bankruptcy back another 2-3 years via a rematch.
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Old 09-22-2017, 11:07 AM   #517
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Re: Mayweather v. McGregor

Huh? why would that be any more likely than the other way around? Why would you bother risking setting up a fix against a guy that the whole world think is going to lose anyway?
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Old 09-22-2017, 11:11 AM   #518
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Re: Mayweather v. McGregor

And yea, for the rematch obviously. If FM wins, which he did, there would be no talk of a rematch...which there isn't. I haven't heard a single "rematch take." Imagine if CM won. How many times do you think youd hear about a rematch? And how much money would that fight generate? At least as much as the first one, where over 100 mil went JUST to the fighters. I really dont think its completely out of the realm of possibility that someone in the boxing world would do something shady with hundreds of millions of dollars on the line.
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Old 09-22-2017, 11:26 AM   #519
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Re: Mayweather v. McGregor

So you guys think his love for money trumps his love for his legacy?
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Old 09-22-2017, 12:50 PM   #520
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Re: Mayweather v. McGregor

FM was in debt before the fight.
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Old 09-22-2017, 01:12 PM   #521
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Re: Mayweather v. McGregor

Legacy doesn´t buy a Rolls Royce.It was indeed a possiblity albeit a very small one,if not the price should be 1,01,a guy who is the best of his generation that never lost one fight against a guy who is boxing for the first time
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Old 09-22-2017, 01:38 PM   #522
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Re: Mayweather v. McGregor

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FM was in debt before the fight.
lol are you srs?
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Old 09-22-2017, 01:39 PM   #523
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Re: Mayweather v. McGregor

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Legacy doesn´t buy a Rolls Royce.It was indeed a possiblity albeit a very small one,if not the price should be 1,01,a guy who is the best of his generation that never lost one fight against a guy who is boxing for the first time
floyd is one hell of an arrogant person

he puts himself as the best boxer of all time in every discussion

50 0 is his lifes work

maybe it's just me but i can't see him ever throwing

did anyone add this to their model? or just not bet it
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Old 09-22-2017, 02:23 PM   #524
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Re: Mayweather v. McGregor

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Your problem is that your modeling is systematically inaccurate. Kelly isn't appropriate when you're always overshooting 3%. (Maybe people boil in a margin to account for this. I don't because I'm a wizard or something.)
You never run into that issue? Maybe I suck but it's a pretty common spot where I win but just not to the degree the model says.. as always my models could be improved though.
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Old 09-22-2017, 03:28 PM   #525
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Re: Mayweather v. McGregor

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lol are you srs?
He had to ask the IRS to push back his 2015 overdue tax debt until after this fight. So, likely not flush with cash
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