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

If you hear a "prominent" economist using the word 'equilibrium,' or 'normal distribution,' do not argue with him; just ignore him, or try to put a rat down his shirt.

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

Forecasting by bureaucrats tends to be used for anxiety relief rather than for adequate policy making.

It's not a good idea to take a forecast from someone wearing a tie. If possible, tease people who take themselves and their knowledge too seriously.

The best way to measure the loss of intellectual sophistication - this "nerdification," to put it bluntly - is in the growing disappearance of sarcasm, as mechanic minds take insults a bit too literally.

Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.