The more you think you know, the more closed-minded you'll be.

The economy is like a machine.

School typically doesn't prepare young people for real life - unless their lives are spent following instructions and pleasing others. In my opinion, that's why so many students who succeed in school fail in life.

Radical transparency is critical to having an idea meritocracy because it shows what's actually happening without spin and prevents people from maneuvering politically behind each others' backs. It brings problems and weaknesses to the surface and allows people to see how they are dealt with, so it's great for training people on how to deal with real problems.

In order to get past disagreements, you just can't have one person with power decide. In other words, so just because I'm a boss, it would be terrible if I then said, "Okay, we're gonna go do this." That's why, after that thoughtful disagreement, there has to be a process of an idea meritocracy. That means okay, now you have to vote, not that the decision resides with power. And then you vote and move beyond it.

I think it is in the nature of individuals and individual entities not to self-correct.

You should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.