I'd rather have the market tell us what - I'd rather have events precipitate events, rather than just sit there like passive people in Washington.

Philosophers talk about truth and falsehood. People in life talk about payoff, exposure, and consequences (risks and rewards), hence fragility and antifragility. And sometimes philosophers and thinkers and those who study conflate Truth with risks and rewards.

In economic life and history more generally, just about everything of consequence comes from black swans; ordinary events have paltry effects in the long term.

When I trade, I don't have an agency problem; I have my neck on the line. When a bank or banker trades, it's not his neck on the line.

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

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

The opposite of manliness isn't cowardice; it's technology.