Why tie to gold? Why not 1982 Bordeaux?

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

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

A good rule of thumb is to assume that everything matters.

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.

One simple step firms can take is make sure that people that are getting paid a lot of money, say more than a million or two, that a big chunk of that money is deferred. That's going to change the whole ballgame.

Credit cards have been extremely profitable to banks. They're profitable not from the fees they collect from the retailers that use the credit cards, that pays the bills, but the real profits come from the interest payments and the charges to users that are unexpected.