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

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 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.

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

People are like a pack of dogs sometimes. All right one by one, but together... together they do awful things they don't mean to do.

Sacrifice: That's what makes our mosaic so beautiful and rich.

There is no such thing as justice - in or out of court.

The bliss of the Creator forever permeates all of creation, and it is only in the forgetting that misery exists.

And there's no guarantee that if you get HIV and you take these triple therapies, or whatever comes along next, that they're going to be successful for you.

Photography could have been invented in color. Colors existed.

My strategy has always been to give people just enough of me, then pull back. That way, they'll want more.

Some wounds cut us so deep that they stop us. Stop us from letting go, from growing up, from seeing the truth.

To conquer the enemy without resorting to war is the most desirable. The highest form of generalship is to conquer the enemy by strategy.

It is better to be making the news than taking it, to be an actor rather than a critic.