It has been more profitable for us to bind together in the wrong direction than to be alone in the right one.

We tend to use knowledge as therapy.

You want to favor systems that benefit from error, disorder, variability and things like that. You want to favor these systems and unfortunately, when - there's something I call the Soviet Illusion. The more the government becomes intrusive, the more things have to follow a script, and it can't handle this kind of system.

When you develop your opinions on the basis of weak evidence, you will have difficulty interpreting subsequent information that contradicts these opinions, even if this new information is obviously more accurate.

Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.

Maximum of an average is necessarily less volatile than the average maximum

If you see fraud and do not say fraud, you are a fraud.