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The 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 Fortune's Formula (2005)

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More quotes by William Poundstone

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

Fortune's Formula (2005)

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

Fortune's Formula (2005)

The assumption that anything true is knowable is the grandfather of paradoxes.

Labyrinths of Reason (1988)

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

Labyrinths of Reason (1988)

Your second ducat, like your second million, is never quite as sweet.

Fortune's Formula (2005)

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Quote text and notes from Wikiquote: William Poundstone (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.