August 2007
Intermediate to advanced
304 pages
12h 22m
English
Content preview from Forecasting Expected Returns in the Financial Markets
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258 Forecasting Expected Returns in the Financial Markets
$1 bet, but provided he does not ever nominate a personal probability q
u
equal to 0 or
1, this factor will always exceed zero.
A further possibility is that the gambler might invest in a weighted portfolio of ‘$1
Kellys’, some with different nominal values of
q
u
(p
u
is fixed by the market). For example,
he could buy $20 worth of bets at
q
u
= 09 and $80 worth of bets at q
u
= 06, thereby
‘hedging ...
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