  A historical overview is given on the basic results which appeared by the
year 1926 concerning Einstein's fluctuation formula of black-body radiation, in
the context of light-quanta and wave-particle duality. On the basis of the
original publications (from Planck's derivation of the black-body spectrum and
Einstein's introduction of the photons up to the results of Born, Heisenberg
and Jordan on the quantization of a continuum) a comparative study is presented
on the first line of thoughts that led to the concept of quanta. The nature of
the particle-like fluctuations and the wave-like fluctuations are analysed by
using several approaches. With the help of the classical probability theory, it
is shown that the infinite divisibility of the Bose distribution leads to the
new concept of classical poissonian photo-multiplets or to the binary
photo-multiplets of fermionic character. As an application, Einstein's
fluctuation formula is derived as a sum of fermion type fluctuations of the
binary photo-multiplets.
