Redundancy is ambiguous because it seems like a waste if nothing unusual happens. Except that something unusual happens-usually .

Writing is the art of repeating oneself without anyone noticing.

Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.

I no longer care about the financial system. I gave them my roadmap. OK? Thanks, bye. I've no idea what's going on. I'm disconnected. I'm totally disengaged.

I always remind myself that what one observes is at best a combination of variance and returns, not just returns.

Success is about honour, feeling morally calibrated, absence of shame, not what some newspaper defines from an external metric.

true humility is when you can surprise yourself more than others; the rest is either shyness or good marketing