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.

Your life must focus on the maximization of objectivity.

The harder you work, the more confidence you get. But you may be working hard on something that is false.

If the value of a company doesn't just scream out at you, it's too close.

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.

Show me the incentive and I will show you the outcome