If you're going to fail, you'd rather fail early than fail late in general.

Capitalism is about adventurers who get harmed by their mistakes, not people who harm others with their mistakes.

You want failures to be small and informational. Silicon Valley does very well. It knows how to use failure as a tool for improvement.

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

But they never notice the following inconsistency: this so-called worst-case event, when it happened, exceeded the worst case at the time.

The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.

I no longer care about the financial system. I gave them my roadmap. OK? Thanks, bye. I've no idea what's going on. I'm disconnected. I'm totally disengaged.