Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.

Financial institutions make us nervous when they're trying to do well.

We don't like trading agony for money

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

Show me the incentive and I will show you the outcome

A lot of our respected financial institutions are just casinos in drag.

Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.