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

In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer ideas.

The experiencing self lives in the moment; it is the one that answers the question, 'Does it hurt?' or 'What were you thinking about just now?' The remembering self is the one that answers questions about the overall evaluation of episodes or periods of one's life, such as a stay in the hospital or the years since one left college.

We know that the French are very different from the Americans in their satisfaction with life. They're much less satisfied. Americans are pretty high up there, while the French are quite low - the world champions in life satisfaction are actually the Danes.

Employers who violate rules of fairness are punished by reduced productivity, and merchants who follow unfair pricing policies can expect to lose sales.

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

Question: So investors shouldn't delude themselves about beating the market? Answer: "They're just not going to do it. It's just not going to happen."