Those who know don't tell and those who tell don't know.
The pleasure of rooting for Goliath is that you can expect to win. The pleasure of rooting for David is that, while you don’t know what to expect, you stand at least a chance of being inspired.
The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance.
Managers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient," Said Palmer. " The pain of looking bad is worse than the gain of making the best move.
What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.”
He was ignorant, but a lot of people mistook ignorance for stupidity, and knowingness for intelligence.
Man is a deterministic device thrown into a probabilistic universe. In this match, surprises are expected.
The lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual.