Academia is to knowledge what prostitution is to love; close enough on the surface but, to the non-sucker, not exactly the same thing.

We tend to use knowledge as therapy.

Heroes are heroes because they are heroic in behavior, not because they won or lost.

The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.

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.

Learn to fail with pride - and do so fast and cleanly. Maximise trial and error - by mastering the error part.

For many people, commuting is the worst part of the day, and policies that can make commuting shorter and more convenient would be a straightforward way to reduce minor but widespread suffering.