Globalization has created this interlocking fragility. At no time in the history of the universe has the cancellation of a Christmas order in New York meant layoffs in China.

There are secrets to our world that only practice can reveal, and no opinion or analysis will ever capture in full.

To succeed in life requires a total inability to do anything that makes you uncomfortable when you look at yourself in the mirror.

I always remind myself that what one observes is at best a combination of variance and returns, not just returns.

We favor the visible, the embedded, the personal, the narrated, and the tangible; we scorn the abstract.

There is a certain category of fool-the overeducated, the academic, the journalist, the newspaper reader, the mechanistic scientist, the pseudo-empiricist, those endowed with what I call epistemic arrogance, this wonderful ability to discount what they did not see, the unobserved.

Also, it's good to have more than one profession, in case your own profession goes out of style. A Wall Street trader who's also a belly dancer will do a lot better than a trader who winds up driving a taxi.