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.

Ideas come and go, stories stay.

The bonus for bankers fragilizes the system. Someone has the upside at the expense of others.

If you sat with a pencil and jotted down all the decisions you've taken in the past week, or, if you could, over your lifetime, you would realize that almost all of them have had asymmetric payoff, with one side carrying a larger consequence than the other. You decide principally based on fragility, not probability. Or to rephrase, You decide principally based on fragility, not so much on True/False.

An erudite is someone who displays less than he knows; a journalist or consultant the opposite.

Deficits are like putting dynamite in the hands of children. They can get out of control very quickly.

Fragility is the quality of things that are vulnerable to volatility.