> Second, there's a body of theory that asks what the optimal strategy for investment is given a certain number of years, and it turns out that the ideal strate

> Second, there's a body of theory that asks what the optimal strategy for investment is given a certain number of years, and it turns out that the ideal strategy is to follow the Kelly approach until near the deadline and then to switch to the investments that maximize your own utility as the time to act grows short. This work is known as turnpike theory for reasons that never really made sense to me. Could you give some examples? I searched for "turnpike" and "kelly criterion" together and I couldn't find any examples of situations for which people had proven that the Kelly criterion was optimal even for nonlogarithmic utility functions.