If another person were to enter the building, it would once again be empty.

The cost of performing well in bad times can be relative underperformance in good times.

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

It's incredibly important to note that when you don't allow failure, you get more failure.

You need humility to say 'I might be wrong.'

The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.