People Are Really Happier With Friends Than

Experts Don't Know Exactly Where The Boundaries Of Their Expertise Are.

After A Crisis We Tell Ourselves We Understand Why It Happened And Maintain The Illusion That The World Is Understandable. In Fact, We Should Accept The World Is Incomprehensible Much Of The Time.

One Thing We Have Lost, That We Had In The Past, Is A Sense Of Progress, That Things Are Getting Better. There Is A Sense Of Volatility, But Not Of Progress.

There's A Tendency To Look At Investments In Isolation. Investors Focus On The Risk Of Individual Securities.

The Illusion Of Skill Is Not Only An Individual Aberration; It Is Deeply Ingrained In The Culture Of The [investment Management] Industry.