Samuelson, however, hedged his personal bets - by putting some of his own money in Berkshire Hathaway.

Bernoulli's real contribution was to coin a word. The word has been translated into English as "utility". It describes this subjective value people place on money.

The story of the Kelly system is a story of secrets - or if you prefer, a story of entropy.

The assumption that anything true is knowable is the grandfather of paradoxes.

The ultimate compound return rate is acutely sensitive to fat tails.

The best strategy is one that offers the highest compound return consistent with no risk of going broke.

Expectation is a statistical fiction, like having 2.5 children.