I know you think you understand what you thought I said , but I'm not sure realized that what you heard isn't what I meant - Alan Greenspan

Winston Churchill once said to his fellow countrymen, “We have not journeyed across the centuries, across the oceans, across the mountains, across the prairies, because we are made of sugar candy.” Today, thanks to a malign combination of litigation, regulation, and pedagogical fashion, sugar-candy people are everywhere.

John Jacob Astor succeeded in amassing America’s biggest fortune by trading in the furs of beavers, otters, muskrats, and bears (though he wisely used some of the money he made from hunting in America’s great wilderness to buy real estate in Manhattan).

The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.