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.

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

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

The illusion of skill is not only an individual aberration; it is deeply ingrained in the culture of the [investment management] industry.

Endlessly amused by people's minds.

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.

Often, the most enjoyable part of an activity is the anticipation.