That's One Of The Real

Finally, The Illusions Of Validity And Skill Are Supported By A Powerful Professional Culture. We Know That People Can Maintain An Unshakeable Faith In Any Proposition, However Absurd, When They Are Sustained By A Community Of Like-minded Believers. Given The Professional Culture Of The Financial Community, It Is Not Surprising That Large Numbers Of Individuals In That World Believe Themselves To Be Among The Chosen Few Who Can Do What They Believe Others Cannot.

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.

We Are Often Confident Even When We Are Wrong, And An Objective Observer Is More Likely To Detect Our Errors Than We Are.

Most Things That Couples Disagree Upon Aren't Worth More Than A Day's Combat.

When People Think Of The Outcomes Of Their Decisions, They Think Much More Short Term Than That. They Think In Terms Of Gains And Losses.