Experience is devoid of the cherry-picking that we find in studies.

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.

The fool generalizes the particular; the nerd particularizes the general; some do both; and the wise does neither

If I ask you to write down the last 4 digits of your social security number, and then take you out to lunch and ask you how many dentists there are in Manhattan, there's going to be a high correlation between those two numbers. What happens is that the number psychologically makes you feel confident.

It is my great hope someday, to see science and decision makers rediscover what the ancients have always known. Namely that our highest currency is respect.

Prediction, not narration, is the real test of our understanding of the world.

If there is something in nature you don't understand, odds are it makes sense in a deeper way that is beyond your understanding. So there is a logic to natural things that is much superior to our own. Just as there is a dichotomy in law: 'innocent until proven guilty' as opposed to 'guilty until proven innocent', let me express my rule as follows: what Mother Nature does is rigorous until proven otherwise; what humans and science do is flawed until proven otherwise.