Your second ducat, like your second million, is never quite as sweet.

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

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

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.

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.

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