Any year that you don't destroy one of your best-loved ideas is probably a wasted year

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.

Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it - I don't think I've created my full statistical share, and I think that one of the reasons was I tried to do something about this terrible ignorance I left the Harvard Law School with.

Determine value apart from price; progress apart from activity; wealth apart from size.

Is there such thing as a cheerful pessimist? That's what I am.

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.

Everybody engaged in complex work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”