To succeed in life requires a total inability to do anything that makes you uncomfortable when you look at yourself in the mirror.

Switzerland is the perfect place where you have volatility at a municipal level that nothing up top - small units competing with each other.

There are systems that use failure as fuel for improvement, where the cost of failure is small.

The inability to predict outliers implies the inability to predict the course of history

Never ask a trader if he is profitable: you can easily see it in his gesture and gait.

Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.

If you have more than one reason to do something (choose a doctor or veterinarian, hire a gardener or an employee, marry a person, go on a trip), just don’t do it. It does not mean that one reason is better than two, just that by invoking more than one reason you are trying to convince yourself to do something. Obvious decisions (robust to error) require no more than a single reason.