"Games of chance must be distinguished from games in which skill makes a difference. The principles that work in roulette, dice, and slot machines are identical, but they explain only part of what is involved in poker, betting on the horses, and backgammon. With one group of games the outcome is determined by fate; with the other group, choice comes into play. The odds--the probability of winning--are all you need to know for betting in a game of chance, but you need far more information to predict who will win and who will lose when the outcome depends on skill as well as luck. There are cardplayers and racetrack bettors who are genuine professionals, but no one makes a successful profession out of Craps. Many observes consider the stock market itself little more than a gambling casino . . . Cards, coins, dice, and roulette wheels have no memory."Peter Bernstein in Against the Gods
"A prospect that has a zero risk premium is called a fair game. Investors that are risk-averse reject investment portfolios that are fair games or worse."Zvi Bodie, Alex Kane, and Alan J. Marcus in Investments
