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.
Samuelson, however, hedged his personal bets - by putting some of his own money in Berkshire Hathaway. - William Poundstone
Samuelson, however, hedged his personal bets - by putting some of his own money in Berkshire Hathaway.
- William Poundstone
The ultimate compound return rate is acutely sensitive to fat tails. - William Poundstone
The ultimate compound return rate is acutely sensitive to fat tails.
Expectation is a statistical fiction, like having 2.5 children. - William Poundstone
Expectation is a statistical fiction, like having 2.5 children.
The story of the Kelly system is a story of secrets - or if you prefer, a story of entropy. - William Poundstone
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. - William Poundstone
A bit is worth 10,000 basis points.
Use "entropy" and you can never lose a debate, von Neumann told Shannon - because no one really knows what "entropy" is. - William Poundstone
Use "entropy" and you can never lose a debate, von Neumann told Shannon - because no one really knows what "entropy" is.
The best strategy is one that offers the highest compound return consistent with no risk of going broke. - William Poundstone
The best strategy is one that offers the highest compound return consistent with no risk of going broke.
In real conversations, we are always trying to outguess each other. - William Poundstone
In real conversations, we are always trying to outguess each other.
The best paradoxes raise questions about what kinds of contradictions can occur-what species of impossibilities are possible. - William Poundstone
The best paradoxes raise questions about what kinds of contradictions can occur-what species of impossibilities are possible.
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