Alan Greenspan is unskilled; you don't take the unskilled seriously.

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.

My best definition of a nerd: someone who asks you to explain an aphorism

The psychologist Gerd Gigerenzer has a simple heuristic. Never ask the doctor what you should do. Ask him what he would do if he were in your place. You would be surprised at the difference

What is nonmeasurable and nonpredictable will remain nonmeasurable and nonpredictable ... no matter how much hate mail I get.

An elephant is vastly more efficient, metabolically, than a mouse. It's the same for a megacity as opposed to a village. But an elephant can break a leg very easily, whereas you can toss a mouse out of a window and it'll be fine. Size makes you fragile.

The opposite of fragile is something that gains from disorder.