Expectation is a statistical fiction, like having 2.5 children.

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.

Samuelson spotted a mistake in Bacheliers work. Bachelier's model had failed to consider that stock prices cannot fall below zero.

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

Expectation is a statistical fiction, like having 2.5 children.

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

Are there any mythical beasts which aren't simple pastiches of nature? Centaurs, minotaurs, unicorns, griffons, chimeras, sphinxes, manticores, and the like don't speak well for the human imagination. None is as novel as a kangaroo or starfish.