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Samuelson, however, hedged his personal bets - by putting some of his own money in Berkshire Hathaway.
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For reasons mathematical, psychological, and sociological, it is a good idea to use a money management system that is relatively forgiving of estimation errors.
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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.
William Poundstone
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I must have a prodigious quantity of mind; it takes me as much as a week sometimes to make it up.
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