Expectation is a statistical fiction, like having 2.5 children.

Expectation is a statistical fiction, like having 2.5 children.

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.

At a bare minimum, understanding entails being able to detect an internal contradiction: a paradox.

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.

The more improbable the message, the less "compressible" it is, and the more bandwidth it requires. This is Shannon's point: the essence is its improbability.