In probability theory, de Finetti's theorem states that exchangeable observations are conditionally independent relative to some latent variable. An epistemic probability distribution could then be assigned to this variable. It is named in honor of Bruno de Finetti. For the special case of an exchangeable sequence of Bernoulli random variables it states that such a sequence is a "mixture" of sequences of independent and identically distributed (i.i.d.) Bernoulli random variables.