When an investor focuses on short-term investments, he or she is observing the variability of the portfolio, not the returns - in short, being fooled by randomness.
Nassim Nicholas TalebA mistake is not something to be determined after the fact, but in the light of the information until that point.
Nassim Nicholas TalebIn poor countries, officials receive explicit bribes; in D.C. they get the sophisticated, implicit, unspoken promise to work for large corporations
Nassim Nicholas Taleb