People in the voting booth are not purely rational creatures any more than they're purely rational creatures outside the voting booth.

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

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.

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.

They [some countries] borrowed money to go acquire things, Indian power plants and Danish newspapers and British soccer teams. And they did it willy-nilly, and they themselves a story, that Icelandic history and culture and DNA leaves us very well-suited to being investment bankers.

If you had to point to one thing that made it less likely that the Red Sox would win the World Series, I would say it was those people that go to Fenway Park to watch the games. And then the media around it.

He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.