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The balance and patience factors are much more critical in surfing than they are in snowboarding. . . if you're out surfing serious waves and you wipe out, you don't land on soft snow. It's usually either very sharp coral, or you get raked across the beach gravel and sand while you're tumbling underwater.

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Richard Arnold Epstein

There are no conventional games involving conditions of uncertainty without risk.

Games, Risk, Conventional, Conditions, Involving
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In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to gamble remains an eternal aspect of the irrationality of man. It finds outlets in business, war, politics, in the formal overtures of the gambling casinos, and in the less ceremonious exchanges among individuals of differing opinions.

Among, Finds, Gambling, Men, Restricted, War

From a rational standpoint, it might be expected that man should be far more willing to express financial confidence in his skills rather than risking his earnings on the mindless meanderings of chance. Experience, however, has strongly indicated the reverse proposition to hold true.

Express, Financial, Meanderings, Men, Might, Skills

A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place.

Assumption, Information, Instantaneous, Lying, Model, Weakness

Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.

Men, Games, Psychological, Amalgam, Intricate, Stock

Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.

Games, Whimsical, Arise, Manifestation, Sum, Practical
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