It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

I believe that we are at or near the apex of a great civilization... In 50-100 years, if we're a poor third to some countries in Asia, I wouldn't be surprised. If I had to bet, the part of the world that will do best will be Asia.

I regard it as very unfair, but capitalism without failure is like religion without hell.

I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it.

I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

A business model that relies on trickery is doomed to fail.

We have a passion for keeping things simple.