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

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

Shannon's most radical insight was that meaning was irrelevant.

"Average" isn't so hot at the race track given those steep track takes. "Average" is pretty decent for stocks, something like 6 percent above the inflation rate. For a buy-and -hold investor, commissions and taxes are small.

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

The ultimate compound return rate is acutely sensitive to fat tails.

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.