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.

Suckers try to win arguments, nonsuckers try to win.

Poverty is clearly one source of emotional suffering, but there are others, like loneliness.

By all means, avoid words—threats, complaints, justification, narratives, reframing, attempts to win arguments, supplications; avoid words!

I want them poor and they deserve to be poor. You can't have capitalism without punishment.

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.

You are rich if and only if money you refuse tastes better than money you accept.