I really enjoy reading Mr. Taleb.
Raimondas Paulavičius
13

It should be mentioned that you need a well defined edge for the Kelly Criterion to work. If you do not have an edge, Kelly says to bet zero (so you never get to double your money).

Kelly lets you increase your wealth at the fastest possible rate, without going bust. If you have an edge, you will still go bust (eventually) if you bet too big.

So no snake oil there, it’s not some magic way to make money. It’s just a good way of exploiting an advantage you already have to the full.