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.

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

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

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.

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

The best strategy is one that offers the highest compound return consistent with no risk of going broke.

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

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

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

A bit is worth 10,000 basis points.

No amount of study or learning will make a man a leader unless he has the natural qualities of one.

If I had my way, I'd do all my entertaining on the front steps

You’re just using me for my body.” “You don’t have a body,” I’d remind him. “Throw that in my face.” “Technically, you don’t have a face either.

I don't mind dying, the trouble is you feel so bloody stiff the next day.

Until you are fully enlightened, you can never know what another person's reality is like for them.

I just wanted to be an ordinary parish priest.

To grasp God in all things--this is the sign of your new birth.

I am not going to tell you how I believe, but I do believe in God.

Well, first of all it's entertainment. That stops us becoming too pretentious or thinking we're great artists.

Being a musician is a given for me-I didn't have much choice in the matter.