There used to be this guy called Vinny who worked on the floor of the stock exchange, said one big investor who had observed the market for a long time. After the markets closed Vinny would get into his Cadillac and drive out to his big house in Long Island. Now there is the guy called Vladimir who gets into his jet and flies to his estate in Aspen for the weekend. I used to worry a little about Vinny. Now I worry a lot about Vladimir

People who think they know what they are talking about when they talk about baseball include the announcers and all of the sports press - no matter how much evidence you present them to the contrary they will continue to think that what they think is right.

Managers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient," Said Palmer. " The pain of looking bad is worse than the gain of making the best move.

What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.

When something happens people didn't predict, they find ways to explain it as if it were predictable.

When you're trying to create a career as a writer, a little delusional thinking goes a long way.

The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.