Comment by nwsm
4 years ago
You may be interested to know that Kelly's work was instrumental in a company called Axcom in the 60s. Elwyn Berlekamp, previously an assistant to Kelly at Bell Labs, implemented Kelly et al's work in early financial trading at Axcom, which was later turned into the Medallion Fund at Renaissance Technologies. Wikipedia [1] has some info on this, but I also highly recommend "The Man Who Solved The Market" (Zuckerman, 2019) for more history.
You may be interested to know that Ed Thorps - Princeton Newport Partners/ the Santa Fe school work lives on at an even better performing fund called TGS Management based in Irvine.