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

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.

What I learned on my own I still remember

You are rich if and only if money you refuse tastes better than money you accept.

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.

Much of the research into humans' risk-avoidance machinery shows that it is antiquated and unfit for the modern world; it is made to counter repeatable attacks and learn from specifics. If someone narrowly escapes being eaten by a tiger in a certain cave, then he learns to avoid that cave.

Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.