It is much harder to become independent if you are wealthy than to become wealthy if you are independent.

Philosophers talk about truth and falsehood. People in life talk about payoff, exposure, and consequences (risks and rewards), hence fragility and antifragility. And sometimes philosophers and thinkers and those who study conflate Truth with risks and rewards.

You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.

What is nonmeasurable and nonpredictable will remain nonmeasurable and nonpredictable ... no matter how much hate mail I get.

The opposite of manliness isn't cowardice; it's technology.

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

Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have—or don’t have—in their portfolio.