RAC 0.48% $2.07 race oncology ltd

Only if the probabilities or expected payouts changes. If either...

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    Only if the probabilities or expected payouts changes. If either of these go down then yes you should reduce your investment since you will have gone over the Kelly limit (or what ever fractional Kelly you are using). Each decision to invest more (or less) should be made on the basis of the information available at the time. Investing is not a set-and-forget exercise.

    Many people use profit taking as a roundabout way of staying under the Kelly Limit. If you invested too much initially then taking profits (or losses) brings your investment back under the limit.
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