Philosophy of Science 29 (1):79-80 (1962)

Peirce writes "It is an indubitable result of the theory of probabilities that every gambler, if he continues long enough, must ultimately be ruined... if he plays long enough he will be sure some time to have such a run against him as to exhaust his entire fortune.... The same thing is true of an insurance company. Let the directors take the utmost pains... according to the doctrine of chances, the time must come, at last, when their losses will bring them to a stop." This note shows that under the most plausible interpretation of the quoted passage Peirce is committed to a mathematical untruth
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DOI 10.1086/287843
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