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

This is the tragedy of modernity: as with neurotically overprotective parents, those trying to help are often hurting us the most.

Debt is a mistake between lender and borrower, and both should suffer.

Every social association that is not face-to-face is injurious to your health.

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

A good rule of thumb is as follows: If the numbers come from somebody wearing a tie (Wall Street economist or analyst, industry public relations department, captive think tank academic and so on), you ought to be very skeptical. By design messages from these people are intended to move markets, move merchandise and/or move public policy and are not a comment on the state of the physical universe.

We should reward people, not ridicule them, for thinking the impossible.