The fool generalizes the particular; the nerd particularizes the general; some do both; and the wise does neither

The fool generalizes the particular; the nerd particularizes the general; some do both; and the wise does neither

When I trade, I don't have an agency problem; I have my neck on the line. When a bank or banker trades, it's not his neck on the line.

When you beat up someone physically, you get excercise and stress relief; when you assault him verbally on the Internet, you just harm yourself.

The grandchildren should not bear the debts of the grandparents.

Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically - while bankers strike it rich.

We tend to treat our knowledge as personal property to be protected and defended. It is an ornament that allows us to rise in the pecking order. [...] We take what we know a little too seriously.