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

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

One emphasis of my research has been on the question of how people spend their time. Time is the ultimate finite resource, or course, so the question of how people spend it would seem to be important.

If you're going to be unreligious, it's likely going to be due to reflecting on it and finding some things that are hard to believe.

Although professionals are able to extract a considerable amount of wealth from amateurs, few stock pickers, if any, have the skill needed to beat the market consistently, year after year.

Groups tend to be more extreme than individuals.

Knowing the importance of luck, you should be particularly suspicious when highly consistent patterns emerge from the comparison of successful and less successful firms. In the presence of randomness, regular patterns can only be mirages.