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.
Nassim Nicholas TalebDeficits are like putting dynamite in the hands of children. They can get out of control very quickly.
Nassim Nicholas TalebWhen I trade, I don't have an agency problem; I have my neck on the line. When a bank or banker trades, it's not his neck on the line.
Nassim Nicholas Taleb