Renaissance Technologies

3833.738 - 3857.802 Ben Gilbert

And a state machine is the same way. If you flash forward a whole bunch of states, you sort of lose predictability as you sort of continue down that chain. The second thing is, if your models are showing that you're going to be right, call it something like 50.25% of the time, then the amount of money you can make is gated by the number of bets you can make at a quarter percent edge.