When you develop your opinions on the basis of weak evidence, you will have difficulty interpreting subsequent information that contradicts these opinions, even if this new information is obviously more accurate.

We should reward people, not ridicule them, for thinking the impossible.

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

Fragility is the quality of things that are vulnerable to volatility.

Never ask a trader if he is profitable: you can easily see it in his gesture and gait.

As countries get rich they start increasing education and the very educated people tend to not like trial and error, because they think they're obligated to use the body of knowledge they have.

When 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.