When you write, you don't have the social constraints of having people in front of you, so you talk about abstract matters.

If you have more than one reason to do something (choose a doctor or veterinarian, hire a gardener or an employee, marry a person, go on a trip), just don’t do it. It does not mean that one reason is better than two, just that by invoking more than one reason you are trying to convince yourself to do something. Obvious decisions (robust to error) require no more than a single reason.

It does not matter how frequently something succeeds if failure is too costly to bear.

Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.

Rationalism crashes in the tails.

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

Half of the people lie with their lips; the other half with their tears