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

Expectation is a statistical fiction, like having 2.5 children.

- William Poundstone

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

- William Poundstone

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

- William Poundstone

A bit is worth 10,000 basis points.

- William Poundstone

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

- William Poundstone

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

- William Poundstone

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

- William Poundstone