“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…”
— Jack Schwager
Author of Market Wizards & Hedge Fund Expert

The quote archive

Wisdom in fragments

A growing archive of 3,000+ moments, drawn from every interview.

The intrinsic disadvantage of a dictatorship is that a dictator does not get feedback, and so there is not a chance to make corrections.

— Jared Diamond

He was born at the right time. He was born at the right place. If he had been born 20 years earlier and 200 miles to the south, nobody would ever have known about Genghis Khan.

— Jared Diamond

Bill Gates was a very successful leader, but he doesn't pass the Hamlet Test.

— Jared Diamond

Life is complicated, and usually the single most important thing is to avoid looking for the single most important thing.

— Jared Diamond

Nobody is winning in this situation. Humanity is not winning. We are all losing from it.

— Ian Proud

It's not a nine-to-five job. It's a lifestyle more than a career — and by lifestyle, I don't mean a pink gin-sipping lifestyle. It's a commitment to public service.

— Ian Proud

It is a feeling of intense loneliness, isolation and helplessness that can only be resolved by negative habits which you believe will take away the pain, but which don't.

— Ian Proud

We can't make people feel better. What we can do is ensure that, through our kindness and our practical help, we don't make the situation a great deal worse for them.

— Ian Proud

You can never fail in a crisis if you just act now — if you just do it, and think about the cost later.

— Ian Proud

The system incentivised the promotion of individuals who could read the room — or the Hippodrome.

— Anthony Kaldellis

What they are doing is converting human choices into inevitability. But they are never inevitable.

— Anthony Kaldellis

The whole project in the twentieth century of creating a broad middle class was precisely to create a buffer for the system against the appeal of that ideology. As soon as the Soviet Union collapsed — the moment it did — you could see our elites starting to roll that back.

— Anthony Kaldellis

There is hardly any positive democratic thinking in the European tradition until probably the twentieth century. It really took the First World War to get Europeans to start thinking along those lines. So it is quite recent. I think we need to understand just how fragile it is.

— Anthony Kaldellis

The things we take for granted the most — the ones we discuss the least — are sometimes the ones most deeply embedded in the infrastructure of our thought.

— Anthony Kaldellis

One interesting speculation is that every time you type a prompt into an LLM, there is a flicker of consciousness as it thinks about the response – and then that consciousness ceases to exist.

— Tom McClelland

Our collective challenge is to strip away all of these motives we have for reaching one conclusion over another, and to do our best to be objective about the question.

— Tom McClelland