Thomas Jefferson suggested dividing newspapers into four sections: Truths, probabilities, possibilities and lies.

Slogan of the Work Progress Administration

"Two coming, two going, two shitting, two mowing."

Milton Friedman, talking about how averages and indexes can be misleading...said if you're standing in two buckets of water, one freezing and the other boiling, the average temperature doesn't mean much. The average simply doesn't tell the whole story, and in fact, it's nowhere near the truth.

Winners curse - refers to the probability that if you are the highest bidder in an auction where some common valuation for the property exists, then you paid too much for it.

## Sunday, March 3, 2013

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