There was a hedge fund manager named Mark Sellers who blew up his fund in 2008 by following the Kelly Formula exactly, which had told him to put 90% of his fund

There was a hedge fund manager named Mark Sellers who blew up his fund in 2008 by following the Kelly Formula exactly, which had told him to put 90% of his fund in a single stock, which was a small offshore oil/gas driller. It was real money too, over $200 million.