Hello, fellow card counters!
After researching the concept of SCORE (essentially the idea of comparing the total EV by the variance [as a proxy for risk] taken), I was wondering why Kelly in the original Kelly criterion has not implemented the variance in his equation. Here is the Kelly equation I am referring to: [https://miro.medium.com/v2/resize:fi...TcdZJrIQ_h.png]
Further, there is Edward Thorp's Kelly formula for financial markets. Here is the link: [https://miro.medium.com/v2/resize:fi...PwjN85-GWA.png] Is that the formula I need to use?
Any insights are greatly appreciated.