It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, and comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.

Well yes, but like I said, small mistakes or small failures. We take small failures very often. We have failures in investment. We have failures in operation, but no big mistakes or big failures. How do we take that? Like ordinary business.

I got quite nice results in my one-question studies, but never wrote up any of the work, because I had set myself impossible standards: in order not to pollute the literature, I wanted to report only findings that I had replicated in detail at least once, and the replications were never quite perfect. I realized only gradually that my aspirations demanded more statistical power and therefore much larger samples than I was intuitively inclined to run. This observation also came in handy some time later.

When you’re working and you make mistakes, particularly when you’re young, you make discoveries because you do things that are inappropriate and wrongheaded, but within the wrongheadedness you find an unexpected way to go. These things are truly the breakthroughs.

Elliot, he has such passion for what it was we were doing that he instilled that passion in me. He was like, “Just go for it. Make it happen.” And I would give him some wild idea, and he’d say, “Go try it.” It was that next set of just knocking down the fear of failure. Just go try anything.

I regularly gift the book called In Praise of Shadows .

every time I heard the word “smart” attached to anything, it means it’s pretty dumb, because no one knows what it really does. They just add “smart” as a prefix to say, “Oh, you must buy this, because it’s smart.” If they can’t tell you what it does and why it does it, don’t buy it just because it says “smart.”

Learn by doing, not learn first, then do. The way you discover what it is you like to do in life is by doing first, then learning about it.