On the day before the biggest crash in history, I sold every single put option that I had carefully accumulated over the previous several weeks.
The cockpits had been designed for an average pilot who simply did not exist.
Getting harder tomorrow doesn’t imply that it’s easy today
Most investors are basically paranoid and deranged behavioral algorithms.
Why people are so calm about the high-priced market is a bit of a mystery.
Asking a bank CEO what he thinks of bitcoin is like asking the head of the post office what he thinks of e-mail.
I always joke that the book should be called ‘Tulipmania: More Boring Than You Thought’
Gathering statistics is a skill. Finding facts is a behavior.
You don’t measure the start of a bull market from its bear-market lows.
Over the 20-year period, the allocation to global equities ranged between 67% and 38%.
We’re talking with managers that we won’t use until the next collapse but when that happens, we’ll be ready.
You have to have a risk tolerance in this business that’s abnormal
Sleep came and brought oblivion and relief from pain for a few hours.