The impulse to acquisition, pursuit of gain, of money, of the greatest possible amount of money, has in itself nothing to dowith capitalism.Thisimpulse exists among waiters, physicians, coachmen, artists, prostitutes, dishonest officials, soldiers, nobles, crusaders, gamblers, and beggars.One may say that it has been common to all sorts and conditions of men at all times and in all cultures of the earth, wherever the objective possibility of it is or has been given.
The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a law that has been misunderstood by gamblers (and investors) ever since.william poundstone
Create and save customized flash cards. Sign up today and start improving your vocabulary!