Things always become obvious after the fact

I've debated many economists who claim to specialize in risk and probability: when one takes them slightly outside their narrow focus, but within the discipline of probability, they fall apart, with the disconsolate face of a gym rat in front of a gangster hit man.

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

When an investor focuses on short-term investments, he or she is observing the variability of the portfolio, not the returns - in short, being fooled by randomness.

Make sure that you are in a situation where the constant mistakes are small and can be used for something.

We have this culture of financialization. People think they need to make money with their savings rather with their own business. So you end up with dentists who are more traders than dentists. A dentist should drill teeth and use whatever he does in the stock market for entertainment.

Writing is the art of repeating oneself without anyone noticing.