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

In The Tricky Art of Co-Existing, Sandi Toksvig navigates life's little dilemmas with wit and not-so-common sense. You'll learn the strange history of common courtesy and the one true secret of social success: how to not drive everyone around you crazy.

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.

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.

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

A bit is worth 10,000 basis points.