As I mentioned in class, the Kelly Criterion is controversial.
In my view, the controversy comes from people talking past one another without bothering to understand the other's message. I will try to give a clear an honest presentation of both "sides" of the controversy, but if you want to look at some (confusing) original sources, here they are:
Of these articles the silliest is surely Samuelson's. It reaches a certain pinnacle by being written entirely in words of one syllable. As you might guess, this does not really make his argument any clearer. Even as an insult, it seems lame --- yet such are the halls of academia.
You might also look at an earlier page that I constructed on this topic, though it is more oriented toward graduate students.