Facts that challenge basic assumptions-and thereby threaten people's livelihood and self-esteem-are simply not absorbed. The mind does not digest them.

There is general agreement among researchers that nearly all stock pickers, whether they know it or not-and few of them do-are playing a game of chance.

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

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.

You should not take your intuitions at face value.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

Poverty is clearly one source of emotional suffering, but there are others, like loneliness. A policy to reduce the loneliness of the elderly would certainly reduce suffering.