Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.

Forgetting your mistakes is a terrible error if you are trying to improve your cognition.

If only I had the influence with my wife and children that I have in some other quarters!

Trying to prioritize among things we're unlikely to do is pretty fruitless.

There must be some wisdom in the folk saying: Its the strong swimmers who drown.

I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.