This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.

"Tom wrote this book in the 1970's to give his 600 man staff a sense of commonality. The book is written for 1st line supervisors. Those young people who have just entered the corporate world. It is a common sense guide to being a productive member of any organization"--

Introduces the parts and workings of a table saw, shows how to operate it safely, and discusses crosscutting, ripping and joinery.

Prepares trainers for the technical demands of the 21st century. Includes technical training; instructional design; group training; individualised instruction; skilled trades programmes; adult learners.

This book aims to help policy makers, stakeholders, practitioners, and teachers in psychology and education provide more effective interventions in educational contexts. It responds to disappointment and global concern about the failure to implement psychological and other interventions successfully in real-world contexts. Often interventions, carefully designed and trialed under controlled conditions, prove unpredictable or ineffective in uncontrolled, real-life situations. This book looks at why this is the case and pulls together evidence from a range of sources to create original frameworks and guidelines for effective implementation of interventions.

The community of translator trainers is growing constantly, as new courses are set up in diverse contexts throughout the world. After a brief overview of current approaches to translator training, this book offers practical guidance to sound training practices in different contexts. Given the very wide variety of backgrounds translator trainers come from, the text aims to be equally of use to language teachers new to translation, to professional translators new to teaching or training, to recent graduates in translation intending to embark on academic careers in translation studies, and to more experienced trainers wishing to reflect on their activity or to train new trainers. For that reason, no specific prior knowledge or experience of training is taken for granted. A systematic approach to curriculum and syllabus design is adopted, guiding readers from the writing of learning outcomes or objectives through to the design of teaching and learning activities, to the assessment of learning and course evaluation, all this applied throughout in detail to the field of translation. Chapters contain exercises and activities designed to promote reflection on practice and to help trainers to develop their teaching skills, as well as their own course material. These activities are suitable both for self-learners and for groups on trainer training and staff development courses.