I suspect the I.Q., SAT, and school grades are tests designed by nerds so they can get high scores in order to call each other intelligent...Smart and wise people who score low on IQ tests, or patently intellectually defective ones, like the former U.S. president George W. Bush, who score high on them (130), are testing the test and not the reverse.

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.

Is the economy something organic or is it something engineered? I think it's closer to the organic. You harm it by artificially suppressing volatility in it.

Suckers try to win arguments, nonsuckers try to win.

You will be civilized on the day you can spend a long period doing nothing, learning nothing, and improving nothing, without feeling the slightest amount of guilt.

Remember that you are a Black Swan.

Half of the people lie with their lips; the other half with their tears