I procrastinate to a point where I'm filled with self-loathing and then I start writing. It's usually a state of self-loathing that gets me going.

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

If you’ve got a dozen pitchers, you need to speak 12 different languages.

The incentive for the outsider is to attack the system right up to the moment he is co-opted by it. The incentive for the insider -and this took some getting used to- is to allow yourself to be attacked, and then co-opt your most ferocious attackers, and their best ideas. The effect on the system as a whole is to make it more stable, because everyone winds up working on its behalf.

All of a sudden the market is all about algos and routers.

Book tours are almost designed to beat out of an author any affection he has for his book.

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.