He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.

You can anchor the mind into answering a question a certain way by giving them a totally unrelated piece of information dropped before.

The world clings to its old mental picture of the stock market because it’s comforting; because it’s so hard to draw a picture of what has replaced it; and because the few people able to draw it for you have no interest in doing so.

A banking system is an act of faith: it survives only for as long as people believe it will.

Commitment, by its nature, frees us from ourselves and, while it stands us in opposition to some, it joins us with others similarly committed. Commitment moves us from the mirror trap of the self absorbed with the self to the freedom of a community of shared values.

Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.

It is far better to keep the enemy close, by bribing him with stock options, than to have him out in the wild, foraging.