There are secrets to our world that only practice can reveal, and no opinion or analysis will ever capture in full.

We should probably stop trading derivatives, anything more complex than regular options ... I am an options trader, and I don't understand options. How do you want a regulator to understand them?

Scepticism is effortful and costly. It is better to be sceptical about matters of large consequences, and be imperfect, foolish and human in the small and the aesthetic.

There are secrets to our world that only practice can reveal, and no opinion or analysis will ever capture in full.

It is a sign of weakness to avoid showing signs of weakness.

They will envy you for your success, your wealth, for your intelligence, for your looks, for your status - but rarely for your wisdom.

Let me be more aggressive: we are largely better at doing than we are at thinking, thanks to antifragility. I’d rather be dumb and antifragile than extremely smart and fragile, any time.