Samuelson spotted a mistake in Bacheliers work. Bachelier's model had failed to consider that stock prices cannot fall below zero.

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.

Life isn't fair. It's just fairer than death, that's all.

Do not be a people without a will of your own saying: If others treat well you will also treat well and if they do wrong we will do wrong

O for an engine to keep back all clocks!

Work done with little effort is likely to yield little result.

Late switches are part of fighting and I've handled them all.

The past is an unsolved mystery and the truth a moving target.

Love is not a thing, it is not lost when given. You can offer your love completely to hundreds of people and still retain the same love you had originally.

The only thing that changes as we evolve is the idea of what serves us.

I loved my body and did not want it to perish; I loved my soul and did not want it to decay. I have fought to reconcile these two primordial forces.

I'm really easy to get along with once you see it my way.