When you're in pain, tomorrow doesn't exist - just the pain - and the only thing that you want in the world is for it to go away.

Ownership is not limited to material things. It can also apply to points of view. Once we take ownership of an idea - whether it’s about politics or sports - what do we do? We love it perhaps more than we should. We prize it more than it is worth. And most frequently, we have trouble letting go of it because we can’t stand the idea of its loss. What are we left with then? An ideology - rigid and unyielding.

Rainy day savings are incredibly important, because from time to time, bad things happen. And if you're not prepared for that, it's going to be really terrible.

In the U.S., I think there is an ideology of not telling kids what to do. Nobody to tell you who to marry, not tell you what job to pick. You're your own person. You have the freedom to choose, including the freedom to fail in magnificent ways. And I think that's the big difference. In other countries there is basically a social norm about saving that is passed from generation to generation. In the U.S. there isn't.

When you get a checking account, you should have a savings account, and the number for the savings account should be one off of your checking account.

In terms of the actual curriculum for management education, my own view is very simple-minded: The world is incredibly complex, it changes all the time, and we should not even hope that we could create a general model that accurately describes the world in all its possible states.

There's something about [cyclically] doing something over and over and over that seems to be particularly demotivating.