I don't see why Taleb thinks Kelly, Shannon and co. are the only ones who understand ruin. Daniel Bernoulli formalised what is now known as the Kelly crterion i

I don't see why Taleb thinks Kelly, Shannon and co. are the only ones who understand ruin. Daniel Bernoulli formalised what is now known as the Kelly crterion in the 1700's. Kelly and Shannon's contribution was to demonstrate a connection to information theory, which was incredibly fashionable in the first half of the 20th Century. It's really quite an old result.