We tend to think of technological progress as an ever accelerating affair, but it just isn't so. - William J. Bernstein

We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.

The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine.

When the barbarians are at the gates, interest rates rise and bond prices fall precipitously.