T H Kelly Handbook

"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"--

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.

With the increase in the number of organizational leadership development programs, there is a pressing need for evaluation to answer important questions, improve practice, and inform decisions. The Handbook is a comprehensive resource filled with examples, tools, and the most innovative models and approaches designed to evaluate leadership development in a variety of settings. It will help you answer the most common questions about leadership development efforts, including: What difference does leadership development make? What development and support strategies work best to enhance leadership? Is the time and money spent on leadership development worthwhile? What outcomes can be expected from leadership development? How can leadership development efforts be sustained?