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

Capitalism is about adventurers who get harmed by their mistakes, not people who harm others with their mistakes.

Further, in writing, I feel corrupt and unethical if I have to look up a subject in a library as part of the writing itself. This acts as a filter--it is the only filter. If the subject is not interesting enough for me to look it up independently, for my own curiosity or purposes, and I have not done so before, then I should not be writing about it at all, period. It does not mean that libraries (physical and virtual) are not acceptable; it means that they should not be the source of any idea.

The bonus for bankers fragilizes the system. Someone has the upside at the expense of others.

A mistake is not something to be determined after the fact, but in the light of the information until that point.

Failure saves lives. In the airline industry, every time a plane crashes the probability of the next crash is lowered by that.

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.