Probability is not a mere computation of odds on the dice or more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance.

Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.

Few understand that procrastination is our natural defense, letting things take care of themselves and exercise their antifragility; it results from some ecological or naturalistic wisdom, and is not always bad - at an existential level, it is my body rebelling against its entrapment. It is my soul fighting the Procrustean bed of modernity.

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.

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

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.

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.