Bad Terminology Is The Enemy Of Good

A Single Year's Performance Is Of Minor Importance And, Good Or Bad, Should Never Be Taken Seriously.

The Range Of Derivatives Contracts Is Limited Only By The Imagination Of Man (or Sometimes, So It Seems, Madmen). Say You Want To Write A Contract Speculating On The Number Of Twins To Be Born In Nebraska In 2020. No Problem-at A Price, You Will Easily Find An Obliging Counterparty.

Money To Some Extent Sometimes Let You Be In More Interesting Environments. But It Can't Change How Many People Love You Or How Healthy You Are.

We Will Reject Interesting Opportunities Rather Than Over-leverage Our Balance Sheet.

Banking Is Very Good Business If You Don't Do Anything Dumb.