Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.

I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.

Changeless society is characterized by the absense of alternatives.

The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.

Who most benefits from keeping marijuana illegal? The greatest beneficiaries are the major criminal organizations in Mexico and elsewhere that earn billions of dollars annually from this illicit trade - and who would rapidly lose their competitive advantage if marijuana were a legal commodity.