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.

I don't go by the ratings. I buy wine that tastes good. Statistically, anybody's ability to predict what will be a good wine a decade from now is limited.

"Save more tomorrow" is a nudge to help people do what they know they want to do, which is save more, but they can't bring themselves to save more now. Just like many of us are planning to go on diets next month, or maybe in two months, certainly not tonight.

Most people start claiming benefits within a year of when they become eligible, although benefits increase substantially if they wait.

The lesson from behavioral economics is that people only save if it's automatic.

I think we also have learned the lesson that we have to have better incentive structures.

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