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

The curious mind embraces science; the gifted and sensitive, the arts; the practical, business; the leftover becomes an economist

The difference between technology and slavery is that slaves are fully aware that they are not free

When an investor focuses on short-term investments, he or she is observing the variability of the portfolio, not the returns - in short, being fooled by randomness.

Never, never, never think - that's one lesson you should have in life. Never think that lack of variability is stability.

Failure saves lives. In the airline industry, every time a plane crashes the probability of the next crash is lowered by that. The Titanic saved lives because we're building bigger and bigger ships. So these people died, but we have effectively improved the safety of the system, and nothing failed in vain.

Please, don’t drive a school bus blindfolded.