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

They think that intelligence is about noticing things are relevant (detecting patterns); in a complex world, intelligence consists in ignoring things that are irrelevant (avoiding false patterns)

What is nonmeasurable and nonpredictable will remain nonmeasurable and nonpredictable ... no matter how much hate mail I get.

An ad hominem attack against an individual, not against an idea, is highly flattering. It indicates that the person does not have anything intelligent to say about your message.

The person you are most afraid to contradict is yourself.

Realism is punishing. Probabilistic skepticism is worse.

You are rich if and only if money you refuse tastes better than money you accept.