Samuelson, however, hedged his personal bets - by putting some of his own money in Berkshire Hathaway.
William PoundstoneParadox is thus a much deeper and universal concept than the ancients would have dreamed. Rather than an oddity, it is a mainstay of the philosophy of science.
William PoundstoneThe 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.
William Poundstone