“There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle.”
―
―
“Essentially, all models are wrong, but some are useful.”
―
―
“Ars longa,
vita brevis,
occasio praeceps,
experimentum periculosum,
iudicium difficile.
Life is short,
[the] art long,
opportunity fleeting,
experiment dangerous,
judgment difficult.”
―
vita brevis,
occasio praeceps,
experimentum periculosum,
iudicium difficile.
Life is short,
[the] art long,
opportunity fleeting,
experiment dangerous,
judgment difficult.”
―
“Consider a more extreme example than the casino experiment. Assume a collection of people play Russian roulette a single time for a million dollars—this is the central story in Fooled by Randomness. About five out of six will make money. If someone used a standard cost-benefit analysis, he would have claimed that one has an 83.33 percent chance of gains, for an “expected” average return per shot of $833,333. But if you keep playing Russian roulette, you will end up in the cemetery. Your expected return is … not computable.”
― Skin in the Game: The Hidden Asymmetries in Daily Life
― Skin in the Game: The Hidden Asymmetries in Daily Life
James’s 2025 Year in Books
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