Fragility is the quality of things that are vulnerable to volatility.

It is much harder to become independent if you are wealthy than to become wealthy if you are independent.

You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.

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.

Poverty is clearly one source of emotional suffering, but there are others, like loneliness.

There are systems that use failure as fuel for improvement, where the cost of failure is small.

The person you are most afraid to contradict is yourself.