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

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

The more improbable the message, the less "compressible" it is, and the more bandwidth it requires. This is Shannon's point: the essence is its improbability.

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

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.

Expectation is a statistical fiction, like having 2.5 children.