The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a law that has been misunderstood by gamblers (and investors) ever since.

The best paradoxes raise questions about what kinds of contradictions can occur-what species of impossibilities are possible.

Expectation is a statistical fiction, like having 2.5 children.

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

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.

Kelly was aware that there is one type of favorable bet available to everyone; the stock market.