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

Writing is the art of repeating oneself without anyone noticing.

The only valid political system is one that can handle an imbecile in power without suffering from it

Scepticism is effortful and costly. It is better to be sceptical about matters of large consequences, and be imperfect, foolish and human in the small and the aesthetic.

Don't aim to be perfect! Aim to be antifragile

Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically - while bankers strike it rich.

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