A man who can tell a good story can make a good living as a broker.
After Gell-Man was done, Amos said, You know, Murray, there is no one in the world who is as smart as you think you are.
At one point he turned to Christie and said, Chris, you and I are so smart that we can leave the victory party two hours early and do the transition ourselves.
Belief in the Law of Small Numbers teased out the implications of a single mental error that people commonly made—even when those people were trained statisticians. People mistook even a very small pa...
Confirmation bias, he’d heard this called. The human mind was just bad at seeing things it did not expect to see, and a bit too eager to see what it expected to see. Confirmation bias is the most insi...
Donnie Green himself had been a trader at Salomon Brothers in the dark ages, when traders had more hair on their chests than on their heads.
Don’t worry. You gave him the right answer. Actually, Michael was after something more important than the fate of his Briarcrest teammate. I wanted to see what type of person he was, he said later. If...
For geniuses, they are really dumb, she said. Some of them are really pampered: They can’t even put together a cardboard box. They don’t think you do something. They think you call somebody.
Fracking—to take one example—was not the brainchild of private-sector research but the fruit of research paid for twenty years ago by the DOE. Yet fracking has collapsed the price of oil and gas and l...
From the end of 2005 until the middle of 2007, Wall Street firms created somewhere between $200 and $400 billion in subprime-backed CDOs: No
He had little patience for the mystical, spiritual approach of computer programming.
His life was dedicated to the fine art of tearing down and building anew.
If you challenge conventional wisdom, you will find ways to do things much better than they are currently done.Bill James
If you wanted to predict how people would behave, Munger said, you only had to look at their incentives. FedEx couldn’t get its night shift to finish on time; they tried everything to speed it up but...
In 1980 only 23 percent of state pension money had been invested in the stock market; by 2008 the number had risen to 60 percent.
In 2005 Rick Santorum, a senator from AccuWeather’s home state of Pennsylvania and a recipient of Myers family campaign contributions, introduced a bill that would have written this idea into law. The...
It was in Las Vegas that Eisman and his associates’ attitude toward the U.S. bond market hardened into something like its final shape. As Vinny put it, That was the moment when we said, ‘Holy shit, th...
I’d thought it strange, after the financial crisis, in which Goldman had played such an important role, that the only Goldman Sachs employee who had been charged with any sort of crime was the employe...
Knowledge is literally prediction, said Morey. Knowledge is anything that increases your ability to predict the outcome. Literally everything you do you’re trying to predict the right thing. Most peop...
One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks.
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