Banks are run by executives, and executives protect themselves, and that does not always mean that banks are going to behave rationally.

I don't try to be clever at all. The idea that I could see what no one else can is an illusion.

However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers. One of the lessons of the financial crisis that led to the Great Recession is that there are periods in which competition, among experts and among organizations, creates powerful forces that favor a collective blindness to risk and uncertainty.

Political columnists and sports pundits are rewarded for being overconfident.

I enjoy being active, but I look forward to the day when I can retire to the Internet.

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

Nothing in life is quite as important as you think it is while you're thinking about it.