The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.

Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.

Writing about dead white males seems to be out of favor among academics.

I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives.

You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.

I don't think that a mutual fund that invests exclusively in biotech start-ups or invests exclusively in companies in Thailand offers any great safety or diversification.

What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.