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.

People are very good [at] thinking about agents. The mind is set really beautifully to think about agents. Agents have traits. Agents have behaviors. We understand agents. We form global impression of their personalities. We are really not very good at remembering sentences where the subject of the sentence is an abstract notion.

Every night for the next week, set aside ten minutes before you go to sleep. Write down three things that went well today and why they went well...Writing about why the positive events in your life happened may seem awkward at first, but please stick with it for one week. It will get easier. The odds are that you will be less depressed, happier, and addicted to this exercise six months from now.

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.

It is only a slight exaggeration to say that happiness is the experience of spending time with people you love and who love you.

We can't live in a state of perpetual doubt, so we make up the best story possible and we live as if the story were true.

Individual investors predictably flock to stocks in companies that are in the news.