The average investor's return is significantly lower than market indices due primarily to market timing.

In strategic decisions, I'd be really concerned about overconfidence.

We have a very narrow view of what is going on.

Many ideas happen to us. We have intuition, we have feeling, we have emotion, all of that happens, we don't decide to do it. We don't control it.

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.

All of us roughly know what memory is. I mean, memory is sort of the storage of the past. It's the storage of our personal experiences. It's a very big deal.

When action is needed, optimism, even of the mildly delusional variety, may be a good thing.