The Price of a Surprise: Claude Shannon’s 1948 Entropy, the Printer’s Type Case, and Why a Long-Term Investor Counts the Bits in the News

Entropy curve in bits against probability, with the S&P 500 annual direction and a fair coin marked

This essay is for Manish Goel Plus members.

Join to unlock all 398 premium essays — the complete NorthPath archive plus every new daily edition. €15/month or €150/year. The latest Letter is always free.

🔒 398 ESSAYS IN THE ARCHIVE — AND COUNTING

Subscribe to read →

Already a member? Sign in