Never take advice from anyone in a tie. They'll bankrupt you. Don't ask a general for advice on war, and don't ask a broker for advice on money.

Banking is a very treacherous business because you don't realize it is risky until it is too late. It is like calm waters that deliver huge storms.

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

Wear your best for your execution and stand dignified. Your last recourse against randomness is how you act - if you can't control outcomes, you can control the elegance of your behaviour. You will always have the last word.

Many people keep deploring the low level of formal education in the United states (as defined by, say, math grades). Yet these fail to realize that the new comes from here and gets imitated elsewhere. And it is not thanks to universities, which obviously claim a lot more credit than their accomplishments warrant. Like Britain in the Industrial Revolution, America's asset is, simply, risk taking and the use of optionality, this remarkable ability to engage in rational forms fo trial and error, with no comparative shame in failing again, starting again, and repeating failure.

There is a certain category of fool-the overeducated, the academic, the journalist, the newspaper reader, the mechanistic scientist, the pseudo-empiricist, those endowed with what I call epistemic arrogance, this wonderful ability to discount what they did not see, the unobserved.

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.