The best strategy is one that offers the highest compound return consistent with no risk of going broke.

The story of the Kelly system is a story of secrets - or if you prefer, a story of entropy.

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

Expectation is a statistical fiction, like having 2.5 children.

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

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

Use "entropy" and you can never lose a debate, von Neumann told Shannon - because no one really knows what "entropy" is.