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.

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.

Icelandic people are inbred. And they have a sense of themselves as genetically special, and a history of risk-taking because they make their living on the high seas fishing. Assets generally rose in value during this period, and so it looked like they actually knew what they were doing.

He's a machine for competitive balance, ... Yes, the money is in New York. Yes, the money is in his hands. But he squanders money. Thank God for it.

In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.

Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.

Baseball has so much history and tradition. You can respect it, or you can exploit it for profit, but it's still being made all over the place, all the time.