Psychology

If you asked most people to categorise good trades and bad trades, you would find the answers to be quite simple… If it makes money it's a good trade, and if it loses money, it's a bad trade. That's not true at all… There's a very simple test to see whether something was a good or bad trade. You have to ask the question: 'If I was faced with the exact same information and circumstances again, would I still make the same trade?'. If the answer is yes, then it was not a bad trade.

Author of Market Wizards & Hedge Fund Expert

To me it was an adventure. I'm a hardened explorer and adventurer, and I remember the whole mission as an adventure with some awesome experiences and beautiful sights.

Astronaut on Apollo 16 Moon Landing Mission

Once you land, it's total excitement, 'I'm on the Moon!' – you're bubbling with enthusiasm like a little kid on holiday. I thought the Moon was just awesomely beautiful. It was stark, barren, lifeless… yet it had this beauty like the desert.

Astronaut on Apollo 16 Moon Landing Mission

It has certainly affected the appetite to investors to engage in LIBOR denominated contracts. Financial markets depend on trust, and we had precious little trust as it was. The LIBOR scandal has done nothing to restore that trust.

MIT Finance Professor & Pioneer of Quantitative Finance & Behavioral Economics

inspires because it has a huge emotional component, everybody feels very attached to it. At the same time, it's incredibly complex- and full of mind-bogglingly stupid things that make it more complex than it needs to be

The easiest piece of advice to give, but the hardest to follow- is to not let yourself get swept up in the next bubble. You could have said that about tech stocks in the 90's, housing prices around the world in the early 2000's… but people always got swept up in them. The history of financial bubbles does not give cause for optimism.

Prominent Economist & Former Vice Chair of Federal Reserve Board

There's a disease shared between individuals who consider themselves the smartest people in the room that makes them think they'll be the ones that get out just in time, while others are left holding the bag. That was true for a few people, but in general… someone will always be left holding the bag.

Prominent Economist & Former Vice Chair of Federal Reserve Board

Research has shown that when you compare the effect of a 1% change in unemployment rate and 1% change in the inflation rate; a 1% increase in unemployment has a bigger impact on people's happiness than a 1% increase in inflation.

Economist known for the Easterlin Paradox on income and happiness

Happiness is a measure that reflects the success with which people achieve their personal objectives of living levels, happy and healthy families and satisfying work.

Economist known for the Easterlin Paradox on income and happiness

GDP and GNP shouldn't be scrapped, they're of value, but they don't even give us an indication of economic well-being let alone individual well-being

Economist known for the Easterlin Paradox on income and happiness

They talk about Steve Jobs having a reality distortion field…. but all the entrepreneurs I met who achieved great things had that. They all had a wilful denial of reality… against all evidence to the contrary they had to believe they would succeed.. that's ultimately what entrepreneurs do.

Genius is (possibly) the presence of more- or more closely packed- neurons. I once held a chunk of Einstein's brain, the scientist who was dissecting and analysing it told me the neurons were closer together. We don't really know if that makes thinking faster… but when I sit with true brilliant people and watch them have conversations, they seem to have the ability to recall important bits of information, put the puzzles together, and see patterns faster.

Don't make the mistake of confusing net worth and self-worth.

On one hand, competitive high-pressure jobs lead executives into many situations that can induce worry and fear (anxiety), hopelessness and despair (depression), and urgency (stress). On the other hand, some people are drawn to high pressure jobs by their adventurous personalities, their ability to tolerate risk, and their motivation for achievement.

They took a relative view of risk… They had an understanding of the risks of something going wrong, but balanced that against missing an opportunity. When that opportunity exceeded the risk of going wrong? That's when they jumped…

Entrepreneurship means a constant willingness to keep learning. It's about maintaining that start-up spirit—where you're forever young, and forever in crisis. It's about always having your mind on the business: Lying in bed and constantly asking yourself, What should I do?

Founder and CEO of Baidu, China's leading search engine company