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Quote by William Poundstone

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Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

This book delves into the development and application of a sophisticated betting strategy, revealing its effectiveness in both gambling and financial markets. more

Author

William Poundstone
William Poundstone

William Poundstone, born on March 29, 1955, is a renowned American author. His works span across various fields such as psychology, mathematics, and economics, and he is appreciated for his engaging writing style and insightful perspectives. more

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“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.”

“Under present conditions, people are preoccupied with consumer goods not because they are brainwashed but because buying is the one pleasurable activity not only permitted but actively encouraged by our rulers. The pleasure of eating an ice cream cone may be minor compared to the pleasure of meaningful, autonomous work, but the former is easily available and the latter is not. A poor family would undoubtedly rather have a decent apartment than a new TV, but since they are unlikely to get the apartment, what is to be gained by not getting the TV?”

“Mass consumption, advertising, and mass art are a corporate Frankenstein; while they reinforce the system, they also undermine it. By continually pushing the message that we have the right to gratification now , consumerism at its most expansive encouraged a demand for fulfillment that could not so easily be contained by products.”

“The drug war has nothing to do with making communities livable or creating a decent future for black kids. On the contrary, prohibition is directly responsible for the power of crack dealers to terrorize whole neighborhoods. And every cent spent on the cops, investigators, bureaucrats, courts, jails, weapons, and tests required to feed the drug-war machine is a cent not spent on reversing the social policies that have destroyed the cities, nourished racism, and laid the groundwork for crack culture.”