There is bound to be a regression toward the mean.

For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.

It's not the bad ideas that do you in, but the good ones.

Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to be boring in finance. What we want is innovation in widgets.

[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.

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.

The investment game is getting more and more competitive.