Maximum of an average is necessarily less volatile than the average maximum

The track record of economists in predicting events is monstrously bad. It is beyond simplification; it is like medieval medicine.

Maximum of an average is necessarily less volatile than the average maximum

The rationalist imagines an imbecile-free society; the empiricist and imbecile-proof one, or even better, a rationalist-proof one.

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

At no point in history have so many non-risk-takers, that is, those with no personal exposure, exerted so much control.

I don't know anyone on Wall Street who goes to work every day thinking of anything but how to increase their bonus.