There's so much disagreement about investing, and it's because nobody really knows.

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.

Some of the best theorizing comes after collecting data because then you become aware of another reality.

We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most.

The problem is that once we focus on economic policy, much that is not science comes into play. Politics becomes involved, and political posturing is amply rewarded by public attention.

One should have a wide variety of assets in one's portfolio. And oil, by the way, is a particularly important asset to have in one's portfolio because we need it, and the economy thrives on it.