Part Two, Blackjack, The Kelly Criterion Under The Hood, p. 102
Fortune's Formula (2005)
“The painful experience of many gamblers has taught us the lesson that no system of betting is successful in improving the gambler's chances. If the theory of probability is true to life, this experience must correspond to a provable statement.”
Source: An Introduction To Probability Theory And Its Applications (Third Edition), Chapter VIII, Unlimited Sequences Of Bernoulli Trials, p. 198.
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William Feller 30
Croatian-American mathematician 1906–1970Related quotes
Source: An Introduction To Probability Theory And Its Applications (Third Edition), Chapter IX, Random Variables; Expectation, p. 212.
Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Three, Fundamental Principles Of A Theory Of Gambling, p. 61

Source: 1980s, Trump: The Art of the Deal (1987), p. 48
Introduction, The Nature of Probability Theory, p. 3.
An Introduction To Probability Theory And Its Applications (Third Edition)
Knowing Yourself: The True in the False (1996)

As quoted in Forbes Magazine (3 December 2001)
Context: Without cancer, I never would have won a single Tour de France. Cancer taught me a plan for more purposeful living, and that in turn taught me how to train and to win more purposefully. It taught me that pain has a reason, and that sometimes the experience of losing things — whether health or a car or an old sense of self — has its own value in the scheme of life. Pain and loss are great enhancers.

Chap. 2 : Experience and Its Modes
Experience and Its Modes (1933)