It's nonsense to say money doesn't buy happiness, but people exaggerate the extent to which more money can buy more happiness.

The psychologist, Paul Rozin, an expert on disgust, observed that a single cockroach will completely wreck the appeal of a bowl of cherries, but a cherry will do nothing at all for a bowl of cockroaches.

A person who has not made peace with his losses is likely to accept gambles that would be unacceptable to him otherwise.

You know, the standard state for people is 'mildly pleasant.' Negative emotions are quite rare, and extremely positive emotions are rare. But people are mildly pleased most of the time, they're mildly tired a lot of the time, and they wish they were somewhere else a substantial part of the time - but mostly they're mildly pleased.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

The illusion of skill is not only an individual aberration; it is deeply ingrained in the culture of the [investment management] industry.

Optimistic people play a disproportionate role in shaping our lives. Their decisions make a difference; they are inventors, entrepreneurs, political and military leaders - not average people. They got to where they are by seeking challenges and taking risks.