People worry that if they buy an annuity and then die before the policy starts to pay off, their heirs will lose out. I tell them, "What you should be more worried about is if you outlive your money, you will have to move in with your kids. Ask your kids which of these outcomes they are more worried about."

Recall that people like to do what most people think it is right to do; recall too that people like to do what most people actually do.

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.

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.

There are cases when I can make myself better off by restricting my future choices and commit myself to a specific course of action.

I think one lesson we have to learn is that there's a lot more risk than we're giving credit to, a lot more what economist calls systematic risk.

Every American worker should be able to save for retirement via payroll deductions.