So, what's a nudge? A nudge is some small feature of the environment that attracts our attention and alters our behavior.

I'm all for empowerment and education, but the empirical evidence is that it doesn't work. That's why I say make it easy.

If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.

The reason is they failed to learned the primary lesson we should have learned from when Long Term Capital Management went belly up ten years ago. That is, investments that seem uncorrelated can be correlated simply because we're interested in it.

If people just put away what's left at the end of the month, that's a recipe for failure.

Investors must keep in mind that there's a difference between a good company and a good stock. After all, you can buy a good car but pay too much for it.

I think the people who've been the most overconfident in our business in the last decade have been the people that called themselves risk managers.