I want to live happily in a world I don’t understand.

The problem of knowledge is that there are many more books on birds written by ornithologists than books on birds written by birds and books on ornithologists written by birds

If you hear a "prominent" economist using the word 'equilibrium,' or 'normal distribution,' do not argue with him; just ignore him, or try to put a rat down his shirt.

Answer e-mails from junior people before more senior ones. Junior people have further to go and tend to remember who slighted them.

Maximum of an average is necessarily less volatile than the average maximum

If you are in banking and lending, surprise outcomes are likely to be negative for you.

You want to favor systems that benefit from error, disorder, variability and things like that. You want to favor these systems and unfortunately, when - there's something I call the Soviet Illusion. The more the government becomes intrusive, the more things have to follow a script, and it can't handle this kind of system.