If you have a patient in a doctor's office who's just been told they have terminal cancer but there's this operation they could perform right now that might save their lives. ... They have a 90 percent chance of surviving the operation — if you tell them that, they respond one way. If you tell them ... that they have a 10 percent chance of being killed by the operation, they are about three times less likely to have the operation.

People in both fields operate with beliefs and biases. To the extent you can eliminate both and replace them with data, you gain a clear advantage.

That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and put his finger on the pulse of the market. If the market felt fidgety, if people were scared or desperate, he herded them like sheep into a corner, then made them pay for their uncertainty. He sat on the market until it puked gold coins. Then he worried about what he wanted to do.

The arrangement bore the same relation to actual finance as fantasy football bears to the NFL.

If you're the kind of kid who thinks that all that's important in life is making money, Wall Street is probably still the place to go, especially now that Trump's elected.

There's no point in arguing with partisan supporters. Their views are their identity. Nothing you can tell the most phlegmatic follower.

In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.