Harry, Paul, and max E log(1+R)

Here is Harry Markowitz's riff on maximum E Log(1+Rt) (MEL, max geometric return criterion proposed by Kelly in 1956 and embraced or articulated by Latane, Brieman, Markowitz, etc.) contra Samuelson's utility maximizing:

"Theorem: If Harry repeatedly invests in a portfolio whose E log (1+R) is greater than that of Paul, then -- with probability 1.0 -- there will come a time (t0) when Harry's wealth exceeds Paul's and remains so forever thereafter." [emphasis in original] p.150 Risk-Return Analysis, vol. 2.

Of course, as happens in the buying or selling options, what happens within the intermediate time-frames gets interesting, too.