Mr. Bochman, you are one of the fewest of the few writers on this subject that actually acknowledge the occurrence of partial losses, rather than the "if you lose a little, you lose everything" that most writers or commentators express in their math. Probably the oddest thing I've ever run across in my albeit limited exposure to what others think about the Kelly Criterion. In his paper "The Kelly Criterion in Blackjack, Sports Betting, and the Stock Market", author Ed Thorp derives the biased coin-toss model for even money in which the betting fraction f*=p-q, or the probability of winning minus that of losing, but in the situation of uneven money it's f*=p/a-q/b. where "a" and "b" are the amounts to be lost or gained, respectively, and by minimizing "a", the only variable over which the player has any direct control, it's possible to send f* to the moon. Seeing how so many writers and commentators just blindly set "a" to a value of 1 brings home to me a quote of Thorp's from his early days in the stock market that he was both surprised and encouraged at how little was known by so many. Also a pretty good rebuttal against the efficient market hypothesis if there ever was one. Thanks, and congratulations!