The traits I respect are erudition and the courage to stand up when half-men are afraid for their reputation. Any idiot can be intelligent.

In economic life and history more generally, just about everything of consequence comes from black swans; ordinary events have paltry effects in the long term.

I want to live happily in a world I don’t understand.

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

Political life loves some volatility.

Every social association that is not face-to-face is injurious to your health.

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.