You don't become completely free by just avoiding being a slave; you also need to avoid becoming a master.

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.

If I ask you to write down the last 4 digits of your social security number, and then take you out to lunch and ask you how many dentists there are in Manhattan, there's going to be a high correlation between those two numbers. What happens is that the number psychologically makes you feel confident.

You don't become completely free by just avoiding being a slave; you also need to avoid becoming a master.

The opposite of manliness isn't cowardice; it's technology.

Never, never, never think - that's one lesson you should have in life. Never think that lack of variability is stability.

Janet Yellen at the FED is equivalent to having a biology schoolteacher who has never seen blood perform brain surgery.