The proud and the avaricious man are never at rest; while the poor and lowly of heart abide in the multitude of peace.

What a wonderful quote. From Imitation of Christ by Thomas a Kempis! A most wonderful book.

http://www.gutenberg.org/cache/epub/1653/pg1653-images.html

Perfection is fragile

Every engineer knows that there is a tension between robustness and efficiency.

Perfect efficiency means zero redundancy and high risk of failure.

That holds true for banks, just-in-time delivery systems, power grids, economies and…

Taleb — Stanford — Anti fragility

The problem with fund management

or, what your fund managers don’t tell you

Most discussions about finance don’t get to the real reasons why it works so badly.