Never, never, never think - that's one lesson you should have in life. Never think that lack of variability is stability.

It's not a good idea to take a forecast from someone wearing a tie. If possible, tease people who take themselves and their knowledge too seriously.

I'd rather have the market tell us what - I'd rather have events precipitate events, rather than just sit there like passive people in Washington.

The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.

Anything that provides you with very, very stable income, very stable conditions, maybe generally stable, that often, it masks real risks, risks of blow-ups.

Failure saves lives. In the airline industry, every time a plane crashes the probability of the next crash is lowered by that.

Academia is to knowledge what prostitution is to love; close enough on the surface but, to the non-sucker, not exactly the same thing.