Concur. I’ve come to similar conclusions that Kelly is an excellent framework for sizing positions and one needs to adjust for temperament and imprecision of odds in the equity markets.
Based on examining my prior results and my own tolerance to drawdowns, I’ve landed on a flexible framework that’s somewhere between 1/8 and 1/4 Kelly. I would be more aggressive (1/4 to 1/3) if I wasn’t managing money for others too.
As I collect more data over my investment journey the framework will be adjusted/tweaked/finetuned.
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