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 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.

In real conversations, we are always trying to outguess each other.

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

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.