Work hard, not in grunt work, but in chasing such opportunities and maximizing exposure to them. This makes living in big cities invaluable because you increase the odds of serendipitous encounters-you gain exposure to the envelope of serendipity.

Probability and expectation are not the same. Its probability and probability times the pay off.

The only valid political system is one that can handle an imbecile in power without suffering from it

I always remind myself that what one observes is at best a combination of variance and returns, not just returns.

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

Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically - while bankers strike it rich.

Information is bad for knowledge.