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.

Bernoulli's real contribution was to coin a word. The word has been translated into English as "utility". It describes this subjective value people place on money.

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

The best paradoxes raise questions about what kinds of contradictions can occur-what species of impossibilities are possible.

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

There is a deep connection between Bernoulli's dictum and John Kelly's 1956 publication. It turns out that Kelly's prescription can be restated as this simple rule: When faced with a choice of wagers or investments, choose the one with the highest geometric means of outcomes.