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

Capitalism is about adventurers who get harmed by their mistakes, not people who harm others with their mistakes.

Never, never, never think - that's one lesson you should have in life. Never think that lack of variability is stability.

The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.

The three most harmful addictions are heroin, carbohydrates, and a monthly salary.

A verbal threat is the most authentic certificate of impotence.

You don't become completely free by just avoiding being a slave; you also need to avoid becoming a master.