People who forecast simply because "that's my job," knowing pretty well that their forecast is ineffectual, are not what I would call ethical. What they do is no different from repeating lies simply because "it's my job."

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

Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.

Luck is the grand equalizer.

When you write, you don't have the social constraints of having people in front of you, so you talk about abstract matters.

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

Weak men act to satisfy their needs, stronger men their duties.