It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud and then at have it go from X to 3X and at h the crooks happily partying with your money while you're meeting margin calls. Why would you want to go within hailing distance of that?

Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

It's dishonourable to stay stupider than you need to be

For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.

Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.

You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.

When I run into a paradox I think either I'm a total horse's ass to have gotten to this point, or I'm fruitfully near the edge of my discipline. It adds excitement to life to wonder which it is.