According to the Kelly criterion your optimal bet is about 5. the market, lazy man’s gambling at its finest. Suppose player A wins b units for eve1Y unit wager. So far I have read two different ways to obtain the Kelly fraction f ∗. You can also test the criterion for different values in this online sheet by using the code below. 50) – 1] / 2. 02 In this example, we should place 2% of our bankroll on this bet. It derives from the work of John Larry Kelly Jr, who was a researcher at Bell Labs. Excel and briefly R are used to show how the Kelly criterion is. , the author behind the famous paper “A New Interpretation of Information Rate”, which gave us an. This time, it’s not so much realted to Valuing stocks, but towards the elusive concept of Capital Allocation. It assumes that the expected returns are known and is optimal for a bettor who. To be honest I have been successfully using the simple/naïve Kelly Criterion for years and haven’t bothered looking anywhere. In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet ), is a formula for sizing a bet. An alternative approach is the Kelly criterion. According to the Kelly criterion your optimal bet is about 5. xlsx (15. 1 – Percentage Risk Last chapter we looked at three important position sizing techniques, all of them were unique in their own merit. If you want to be more conservative than the Kelly criterion, enter a value less than 1 (e. We will show why that holds, but our main goal is to explain the full version. Most only know a simplified version. This works out at: (0. , the theoretical maximum return as the number of bets goes to infinity). For an even money bet, the Kelly criterion computes the wager size percentage by multiplying the percent chance to win by two, then subtracting one. stock market. , and is analogous to the one in Fortune’s Formula: Kelly % = edge/odds. Basically, it’s a staking system where risk adjusts based on perceived edge for a. Winning Probability : Enter the probability of earning a profit from investment. Even the majority of pros use fractional kelly at times. Therefore, your probability is . Step - 3: For each possible outcome, calculate the ending bankroll for that outcome. 48) / 1 = 0. (2) Probabilities need. While it does not assign value to risk, simple. It emerged from statistical work done by John Kelly at Bell Laboratories in the 1950s. The Kelly Criterion is well-known among gamblers as a way to decide how much to bet when the odds are in your favor. An important thing to realize is that the optimal betting depends on. Kelly Criterion calculator? We have you covered. The Kelly Formula (or Kelly Criterion) determines mathematically optimal allocations in order to maximize long-term portfolio performance given an investment’s probability of success compared to the amount gained or lost. Select the event type. The Kelly Criterion. Gain of Positive Outcome : Enter the potential gain of a positive outcome. The Kelly Criterion is the brilliant summation of a betting strategy first discovered by Information Theorist John Kelly. Determine the bet amount according to the Kelly criterion using the formula : The Kelly Criterion: A mathematical formula relating to the long-term growth of capital developed by John Larry Kelly Jr. trading 1. xlsx (15. Extending Kelly a bit further (like Ed Thorp, author of two math bibles for the investor/bettor Beat the Dealer and Beat the Market, has done) we can do a bit of hand-waving and make it work for the stock market. Kelly Criterion Formula - Has anyone made the Kelly Criterion Formula for excel. It is used to determine how. For an arbitrary value of h, simulate. Difficile ma non impossibile generare una vincita. A positive percentage implies an edge in favour of your bankroll, so your funds grow exponentially. 5), the equation would look like this. Generalization to multiple, including continuous, outcomes and any other utility is straightforward. Rotando and Edward O. Adjust your posterior for information the market has. It is the only formula I’ve seen that. Using the Kelly Calculator 0:00 / 8:19 Simple explanation of Kelly Criterion with 2 stock example, formulas analytically derived. 40 Based on the Kelly criterion, K% = (1 × 0. That is, put them at risk in the future. How does a fractional approach to the Kelly Criterion work and is it the best option for serious bettors? Read on to find out. . Put the popular Kelly Criterion to the test with real examples of college. Kelly Criterion. The Kelly Criterion is the brilliant summation of a betting strategy first discovered by Information Theorist John Kelly. 5 to 1 come hell or high water one thousand times we should *expect* make on average: The trade calculator tells you how much your trade size should be based on your risk profile you specified to the left in the "Percent Bankroll used". Introduction Optimal Position Size with Fractional Kelly Criterion to Maximize Trading Account Growth CEED. 60 – 0. Generalization to multiple, including continuous, outcomes and any other utility is straightforward. 0% of similar occasions, you would expect to gain $99. Utilizziamo il file KELLY CRITERION EXCEL EVOLUTION 2. It depends on your level of experience for betting and more importantly if you have an edge. 00. 5 for long-term wagering. In relation to sports betting, it’s about maximizing potential. The Kelly Criterion, provides a theoryof optimal resource allocation when it comes to favorable bets andthus provides a criterion for bet size in a gamble to maximize longrun utility. 71% of your capital, or $57. Vince. You can read more about how it works in this Kelly Criterion Wikipedia article. The Kelly Criterion bet calculator above comes pre-filled with the simplest example: a game of coin flipping stacked in your favor. It is an effective way to manage your bankroll and. While the Kelly Criterion calculator defaults the multiplier to 1, you’re encouraged to adjust the multiplier based on your preferences. Over the long run, even with a series of failures, you will save some of the money. The amount recommended is based on the odds offered by the. 5 to 1 come hell or high water one thousand times we should *expect* make on average: The trade calculator tells you how much your trade size should be based on your risk profile you specified to the left in the "Percent Bankroll used". 28% of the players actually went bust, while only 21% of the players reached the maximum. For example, even if you have the same profit/loss ratio, if you invest in [Win: +20%, Loss: -10%], you need to reduce the amount of investment by half compared to [Win: +10%, Loss: -5%] to achieve optimal results. The Kelly criterion formula is: (bp-q)/b Here: b is the decimal odds of an event -1 p is the probability of success q is the probability of failure (which can be calculated by 1-p) Fractional Kelly Staking Calculator Has anyone made the Kelly Criterion Formula for excel? Here is the Formula: f*= (bp-q)/b where * f* is the fraction of the current bankroll to wager; * b is the odds received on the wager; * p is the probability of winning; * q is the probability of losing, which is 1 − p In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet ), is a formula for sizing a bet. Using the Kelly Calculator This is the well-known "Kelly Formula" (aka 'Kelly Criterion'), discovered by John Kelly in the 1950’s. The Kelly criterion formula is: (bp-q)/b Here: b is the decimal odds of an event -1 p is the. edge2 edge2+σ2 = σ2 market σ2 market+σ2. e. 8 KB) In case you have a hard time finding out the ‘Expected Returns’ on your investments, you may also need my other model to make things easier: Practical Thought Valuation Model. Developed by John Kelly, who worked at Bell labs, the Kelly Formula was created to help calculate the optimal fraction of capital to allocate on a favorable bet. With 1. Alternatives to Kelly Criterion Ask Question Asked 1 year, 9 months ago Modified 1 year, 9 months ago Viewed 631 times 1 I am preparing for Quantitative Trading interviews and I know that they basically require you to solve problems on the probability of winning in a given game and then they would ask you: How much would you bet in this game? Jun 24, 2021 Risk of ruin is a useful metric to help develop trading strategies that suit your risk appetite. 75 in addition to your stake of $57. Kelly came up with a betting system which optimizes bankroll growth based upon known odds and a definite payout. A discussion of available options with numeric examples is given, for example, in this book. The. xlsx (14. 3K views 3 years ago Alternatives to Kelly Criterion Ask Question Asked 1 year, 9 months ago Modified 1 year, 9 months ago Viewed 631 times 1 I am preparing for Quantitative Trading interviews and I know that they basically require you to solve problems on the probability of winning in a given game and then they would ask you: How much would you bet in this game? Jun 24, 2021 Risk of ruin is a useful metric to help develop trading strategies that suit your risk appetite. . 0% of similar occasions, you would expect to gain $99. . Conclusion. PK. This works out at: (0. The Kelly Criterion in sports betting is a money management scheme premised on betting more during winning streaks and less during losing streaks. But on those occasions when you lose, you will lose your stake of $57. It depends on your level of experience for betting and more importantly if you have an edge. Enter your starting bankroll. The Kelly criterion is an excellent tool for assessing the qualitative shape of risk versus reward and understanding the boundaries of rational bets. 5 if you want to wager 50% of the stake recommended by the Kelly. Kelly Criterion. [1] Under the stated assumptions, the Kelly criterion leads to higher wealth than any other strategy in the long run (i. 55), and a half Kelly (0. If everytime we trade we force ourselves to trade 2. Kelly Criterion Formula - Excel Has anyone made the Kelly Criterion Formula for excel? Here is the Formula: f*= (bp-q)/b where Kelly Criterion. You can also test the criterion for different values in this online sheet by using the code below. Import advanced sports betting functions into Excel to help improve your chances of securing a payout on the best. Esempio pratico e concreto: il 29 aprile si giocherà nel campionato russo il bigmatch tra Zenit San Pietroburgo e CSKA Mosca in cui è inutile negare l' equilibrio e l' incertezza. . The equation tells you exactly how much to bet on each “hand” so that you The Model Feel free to download the model using this link: Kelly Criterion Capital Allocator. In addition to our automated calculator above, you can also download our excel version below. The original Kelly criterion handles a binary outcome under a log utility. If you have an 80% chance of winning $21 on a $1 bet, and 10% of winning $7. If you can find an exploitable, repeatable edge, Kelly's system tells the maximum you should bet based upon. The original Kelly criterion handles a binary outcome under a log utility. Most only know a simplified version. stock market. Follow these steps to determine your optimal bet stake using the Kelly Criterion:1. W = Historical winning percentage of a trading system. 6, and its probability of losing is 0. 5 to 1 come hell or high water one thousand times we should *expect* make on average: The trade calculator tells you how much your trade size should be based on your risk profile you specified to the left in the "Percent Bankroll used". ‘MY_ODDS’ is what you consider to be the fair odds. com b = 1 p = 0. Yes, you can. This strategy allows you to determine the size of the rates depending on the bank and previous results. While the Kelly Criterion calculator defaults the multiplier to 1, you’re encouraged to adjust the multiplier based on your preferences. g. (1) Outcomes must be mutually exclusive (= EXACTLY one outcome will happen). The Kelly Criterion in sports betting is a money management scheme premised on betting more during winning streaks and less during losing streaks. The Kelly Criterion: A mathematical formula relating to the long-term growth of capital developed by John Larry Kelly Jr. Home. Created in 1956 by John Kelly, a Bell Labs scientist, the Kelly criterion is a formula for sizing bets or investments from which the investor expects a positive return. 75 in addition to your stake of $57. 00. 00. The Kelly Criterion is a mathematical formula that helps investors and gamblers calculate what percentage of their money they should allocate to each investment or bet. HighFinance 406 subscribers Subscribe 588 views 1 year ago When my web page is up the. 200+ Video Lessons 50+ Hours of Video 200+ Excel Guides Become a master of VBA and Macros in Excel and learn how to automate all of your tasks in Excel with this online. Trade log - to log all of the returns on each trade you've actually entered to determine the Kelly criterion (we'll discuss more later why this is important. The Kelly bet size is found by maximizing the expected geometric growth rate. Rotando and Edward O. The real Kelly Criterion: A critical analysis of the popular staking method Exposing the flaws of the Kelly Criterion formula that most bettors use Explanation of the "real" Kelly Criterion and how it can be applied to betting Additional uses and applications of the advanced Kelly Criterion L. 8 KB) Kelly Criterion 1. Jul 11, 2016 How to use Kelly Criterion for betting An introduction to the Kelly Criterion and its benefits Understand the Kelly Criterion with a simple coin toss example Use a helpful Kelly Criterion calculator for any bet Bettors should always look for a mathematical edge rather than rely on their impulses. Works best when used in retrospect. Utilizzeremo il criterio di Kelly , o strategia di Kelly o formula di Kelly, o puntata di Kelly. Some derivations of "Stock Market Kelly" involve using back-looking numbers such beta to. But on those occasions when you lose, you will lose your stake of $57. The three techniques were – Unit per fixed amount Percentage Margin Percentage Volatility Kelly Criterion Written By: Anonymous Gamblr Date: November 13, 2017 The Kelly Criterion is employed by many sharp players to advantage bet vs. Your fortune will grow, on average, by about 0. Your fortune will grow, on average, by about 0. It was described by J. With hand waving and basic math you can also use it to help guide your investment decisions. 05 – 1] / 2. This post will cover: Two methods to calculate risk of ruin Using risk of ruin to improve your trading Lowering your risk of ruin How to use Kelly Criterion Calculator is a tool for finding the optimal investment size to maximize profits on repeated investments. B = 2-1 = 1. Has anyone made the Kelly Criterion Formula for excel? Here is the Formula: f*= (bp-q)/b where * f* is the fraction of the current bankroll to wager; * b is the odds received on the wager; * p is the probability of winning; * q is the probability of losing, which is 1 − p Put the popular Kelly Criterion to the test with real examples of college. 3K views 3 years ago With this method, you only need to know your win rate and the amount risked per trade. 00 being returned. The Kelly Calculator (or Kelly Criterion Calculator) can help a sports bettor decide how much of their bankroll to risk on a wager. Use the Kelly Criterion to identify the mathematical optimum amount of capital which you should allocate to any given trade (or even a fraction of this) to ensure the maximum gain for your. Kelly Jr, a researcher at Bell Labs, described the criterion in 1956. The algorithm will work for markets like ‘Liverpool To Win The EPL’, but will not work for markets like ‘Liverpool Top-4’. 5. Grazie ad una formula riusciremo quanta quota del capitale. while working at AT&T's Bell Laboratories. Introduction Optimal Position Size with Fractional Kelly Criterion to Maximize Trading Account Growth CEED. Twitter user @optibrebs recently made me aware of the generalised Kelly Criterion (a. Fill out the fields in the yellow columns (‘BET’, ‘BOOK_ODDS’, ‘MY_ODDS’) as shown below. Jul 11, 2016 How to use Kelly Criterion for betting An introduction to the Kelly Criterion and its benefits Understand the Kelly Criterion with a simple coin toss example Use a helpful Kelly Criterion calculator for any bet Bettors should always look for a mathematical edge rather than rely on their impulses. trading 1. Enter the number of times you’ll place the sequence of wagers. Il segreto del criterio Kelly è una formula che può sembrare complessa e dal difficile: (Q x P-1) / (Q-1); Q sta per quota e P sta per probabilità. Has anyone made the Kelly Criterion Formula for excel? Here is the. The Kelly Criterion is a formula used to bet a preset fraction of an account. By applying the Kelly criterion, you are not risking the entire pot size, but only a small fraction of it. The essence of the Kelly criterion for beginner players. Hi Valuepickrs, Dinesh Sairam here once again, with… you guessed it… another excel model. 3 * 3. Going full kelly is a sure way to blowing your bank. . The Kelly criterion shows that when investing in a more volatile asset, you should scale down your investment size to maximize returns. while working at AT&T's Bell Laboratories. Even the majority of pros use fractional kelly at times. b = the decimal odds – 1. 5 =0. 00. The formula for calculating the Kelly stake is: [ (Probability multiplied by odds) – 1] divided by (odds-1) Thus the Kelly stake is calculated as: = [ (0. The actual formula is: Kelly Criterion Excel Spreadsheet. The Kelly Criterion was. 9091 decimal odds, a 55% winning percentage as a decimal (0. 5 = [1. Sportsbook Pricing and Informed Bettors in the Early and Late Season in the NBA by Rodney Paul, Andrew Weinbach and Brad Humphreys (2013) The Kelly Criterion in Applied Portfolio Selection. In his seminal paper [ 2 ], Kelly utilizes the logarithmic function for the solution of investment problems. K = p x B (1 – p) / B Where: f = fraction of wealth wagered or % of making the highest profit on investment or gambling. 60 q = 1 – 0. Please note. Here are the statistics traders need to calculate the Kelly Criterion: The Kelly Criterion is a method by which you can used your assessed probability of an event occurring in conjunction with the odds for the event and your bankroll, to work out how much to wager on the event to maximise your value. It is a simple formula that calculates the proportion of your balance to wager on a particular gamble. 71% of your capital, or $57. 33). L. R = Historical Average Win/Loss ratio. The Kelly Criterion and the Stock Market Louis M. This post will cover: Two methods to calculate risk of ruin Using risk of ruin to improve your trading Lowering your risk of ruin How to use Kelly Criterion Calculator is a tool for finding the optimal investment size to maximize profits on repeated investments. I start trading a mean reversion strategy with a 70% win rate, and $200 risked per trade. 00 being returned. L. 50, that's equivalent to having a 90% chance of winning $17. Answer: Read "The Handbook of Portfolio Mathematics" by Ralph Vince. Assuming the anticipated wager has odds of 3. What is more commonly seen is betting less than the full Kelly amount. Use the Kelly Criterion to identify the mathematical optimum amount of capital which you should alloc. I’ve input the Kelly Formula into Excel, and created a spreadsheet with adjustments for stock market investing. The formula was developed by Kelly while working at the AT&T Bell. When my web page is up the spreadsheet will be available. . Kelly Criterion Formula - Excel Has anyone made the Kelly Criterion Formula for excel? Here is the Formula: f*= (bp-q)/b where Updated: 08-02-2022 From The Book: Trading Psychology For Dummies Trading Psychology For Dummies Explore Book Buy On Amazon The Kelly Criterion is a method of management that helps you calculate how much money you might risk on a trade, given the level of volatility in the market. Although it may appear confusing, it’s actually pretty simple. The formula was developed by Kelly while working at the AT&T Bell. Kelly Jr. The Kelly Criteria is an interesting thing to play with. The excel template can be downloaded here real_kelly-mutually_exclusive_outcomes-. Enter the odds you receive from your bookmaker. The original Kelly criterion handles a binary outcome under a log utility. The Kelly formula is : Kelly % = W – (1-W)/R where: Kelly % = percentage of capital to be put into a single trade. Posts about Excel written by BettingIsCool. 55, which is 18. 75 in addition to your stake of $57. Step 2: Plugging Decimal Odds Into The Kelly Criterion Formula. The Kelly criterion is a mathematical formula relating to the long-term growth of capital developed by John L. For example, if you invest 100 and get 10, the gain is 10%. The left-hand side of the equation, f*, is the percentage of our total wealth that we should put at risk. Insert the number of events or exclusive outcomes. Once you’ve calculated your bet, head over to one of our best sportsbooks and wager! Here are some of the tools you can take advantage of: Bet. It's most useful to determine the size of a position you should take. It assumes that the expected returns are known and is optimal for a bettor who. Created in 1956 by John Kelly, a Bell Labs scientist, the Kelly criterion is a formula for sizing bets or investments from which the investor expects a positive return. On 40. We develop a general framework to apply the Kelly criterion to the stock market data, and consequently, to portfolio optimization. INSTRUCTIONS Make sure to open both GlobalMinimize and the Real Kelly worksheet. How does a fractional approach to the Kelly Criterion work and is it the best option for serious bettors? Read on to find out. 52x1 – 0. One thing that complicates the matter is that short term results can. 71% of your capital, or $57. at Bell Labs, is a strategy for the optimal sizing of bets in the repeated bets scenario in his seminal paper¹. 00. V ( f) = V 0 ( 1 + ( 1 – f) r + f X) We can demonstrate by dividing the time interval into n equal independent steps (to reach a continuous-time when n → ∞) that the optimal allocation also knows as Kelly fraction is the same as the one obtained before: f ∗ = m – r s 2. The Kelly Criterion is a formula which accepts known probabilities and payoffs as inputs and outputs the proportion of total wealth to bet in order to achieve the maximum growth rate. The Kelly Criterion is a formula which accepts known probabilities and payoffs as inputs and outputs the proportion of total wealth to bet in order to achieve the maximum growth rate. 00. Excel VBA Course - From Beginner to Expert. It is used to determine how. Excel and briefly R are used to show how the Kelly. Never Go Full Kelly. The Kelly Criterion is the brilliant summation of a betting strategy first discovered by Information Theorist John Kelly. 52x1 – 0. It turns up in many other sources, including NASDAQ, Morningstar, Wiley’s For Dummies series, Old School Value, etc. 8 KB) Kelly’s Criterion 14. . In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet ), is a formula for sizing a bet. xlsx (14. 40) / 1 = 0. . We’ve developed a Kelly Criterion formula Excel. Excel and briefly R are used to show how the Kelly criterion is effective. RoR can be calculated using the formula: Here’s an example: Suppose I have a $10000 account and I decide to risk 30% of it. Select the event type. The Kelly criterion, developed by John L. Excel and briefly R are used to show how the Kelly criterion is. Kelly Criterion The idea behind the model is completely owed to Dr. See full list on dummies. When my web page is up the spreadsheet will be available. If everytime we trade we force ourselves to trade 2. HighFinance 406 subscribers Subscribe 588 views 1 year ago When my web page is up the. How Much Should You Allocate to Your Best Idea? Apply the Kelly Criterion to Investing and portfolio sizing. Tread carefully. The formula is as follows: f = the fraction of the bankroll to bet. Not a theoretical one, not a one proven over a small series of bets. e. the biggest bet size that maximises return for the numbers you plug into it for your system. Kelly, Jr in 1956. The goal was to figure out the best ways to manage signal-noise issues in long-distance telephone. Import advanced sports betting functions into Excel to help improve your chances of securing a payout on the best. It derives from the work of John Larry Kelly Jr, who was a researcher at Bell Labs. . If the dice bias were less, at 53%, the Kelly criterion recommends staking 6%. . So:The Kelly Criterion. The left-hand side of the equation, f*, is the percentage of our total wealth that we should put at risk. Usually, the bigger your edge on the odds the more you should bet but Kelly also takes into account the real chance of that bet winning and Kelly would advise a smaller bet for a 5% edge at even money (2. Jan 1, 2021 • 10 min read 10-Point Article System Most traders have heard of the “Kelly Criterion”. For example, your bank is 10,000 rubles. If everytime we trade we force ourselves to trade 2. 50) – 1] / (3. We advise you to set it at 0. The Kelly Criterion has been proven to work in several experiments. e. . 28% on each bet. The Kelly Criterion is a formula to determine the proper size of a bet with known odds and a definite payout. The Kelly criterion calculates the fraction, f, of the account balance that should be placed on a bet, given the available odds and your perceived probability of winning. The Kelly Criterion is a formula to determine the proper size of a bet with known odds and a definite payout. The Kelly Criterion is a money-management formula that calculates the optimal amount you should bet when there’s a difference between the true odds and the given odds. B = 2-1 = 1. 50%. This includes an experiment where players could bet on a coin that would land on head 60% of the time, for an even money bet. Excel and briefly R are used to show how the Kelly criterion is effective. The Kelly Criterion is well-known among gamblers as a way to decide how much to bet when the odds are in your favor. Developed in 1956 by Bell Labs scientist John Kelly, the formula applied the newly created field of Information Theory to gambling and investment. 4. A positive percentage implies an edge in favour of your bankroll, so your funds grow exponentially. 0% of similar occasions, you would expect to gain $99. a. the market, lazy man’s gambling at its finest. "Our edge is is market error; market edge is our error". The Kelly bet size is found by maximizing the expected value of the logarithm of wealth, which is equivalent to maximizing the expected geometric growth rate. Following this formula, it’s calculated that you stake 80% of your bankroll on the proposed bet. This works out at: (0. It can also be a resource for various forms of investing too, as its primary function is to create the right balance between risk and reward while reducing volatility. Kelly Jr, a researcher at Bell Labs, in 1956. Kelly Criteria Spreadsheet. 00 being returned. The Kelly criterion is a mathematical formula relating to the long-term growth of capital developed by John L. . Re: Kelly Formula. The Kelly Criterion is the principle of bank management for value betting. Refer to [1] and wikipedia for a better understanding. Thorp The purpose of this expository note is to describe the Kelly criterion, a theory of optimal resource apportionment during favorable gambling games, with special attention to an application in the U. The Kelly Criterion. However, unlike in the previous situation we examined the Kelly Criterion for, there is not a nite number of outcomes of a bet on a security, so, we will useIn probability theory, the Kelly criterion (or Kelly strategy or Kelly bet ), is a formula for sizing a bet. According to the Kelly criterion your optimal bet is about 5. For example, if you invest 100 and get 10, the gain is 10%. The Kelly bet size is found by maximizing the expected value of the logarithm of wealth, which is equivalent to maximizing the expected geometric growth rate. It assumes that the expected returns are known and is optimal for a bettor who. Insert the number of events or exclusive outcomes. You can also test the criterion for different values in this online sheet by using the code below. This can seem familiar to you since is similar to the well-known. 00. For standard Kelly betting, set the fractional Kelly betting value to 1. The Kelly Criterion is the principle of bank management for value betting. 0) than a 5% edge at 1/3 (1. Kelly criterion implies that you can estimate your edge. . 0 sperando che possa essere utile per realizzare un profitto ed andare a cassa.