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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.

— 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.