I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.

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.

Let me know what your problem is, and I will try to make it more difficult for you.

We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.

[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.