I have always emphasized the willingness to discard.

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

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

... sometimes when you are asked a question that is difficult, the mind doesn't stay silent if it doesn't have the answer. The mind produces something, and what it produces very characteristically is the answer to an easier but related question.

The confidence people have in their beliefs is not a measure of the quality of evidence but of the coherence of the story the mind has managed to construct.

People just hate the idea of losing. Any loss, even a small one, is just so terrible to contemplate that they compensate by buying insurance, including totally absurd policies like air travel.

People have little idea, by and large, of the investment world. They are convinced they have an advantage.