My Characters Are Actually Usually Pretty Smart

The Incentives Are Still Rotten, And People Are Still Paid To Do Things They Shouldn't Be Doing. The Reforms Did Not Really Address The Incentives, The System Is Still Dysfunctional And There Are Still Behavioural Issues That Need To Be Addressed.

If You Have A Patient In A Doctor's Office Who's Just Been Told They Have Terminal Cancer But There's This Operation They Could Perform Right Now That Might Save Their Lives. ... They Have A 90 Percent Chance Of Surviving The Operation — If You Tell Them That, They Respond One Way. If You Tell Them ... That They Have A 10 Percent Chance Of Being Killed By The Operation, They Are About Three Times Less Likely To Have The Operation.

Wall Street, With Its Army Of Brokers, Analysts, And Advisers Funneling Trillions Of Dollars Into Mutual Funds, Hedge Funds, And Private Equity Funds, Is An Elaborate Fraud.

Warren Buffett Is Fond Of Saying That Any Player Unaware Of The Fool In The Market Probably Is The Fool In The Market.

The Incentive For The Outsider Is To Attack The System Right Up To The Moment He Is Co-opted By It. The Incentive For The Insider -and This Took Some Getting Used To- Is To Allow Yourself To Be Attacked, And Then Co-opt Your Most Ferocious Attackers, And Their Best Ideas. The Effect On The System As A Whole Is To Make It More Stable, Because Everyone Winds Up Working On Its Behalf.