I always say the Nubank story was very unlikely. It was a very low probability event. Again. We were going after these very big incumbent banks. Everybody told me, you know, you're Colombian. You have no idea what you're doing in Brazil. They're going to crush you. Like, don't. Just don't do it. And I did it mostly because everybody told me I couldn't do it. And so, if somebody tells me I can't do something, I want to go do it.

I do not think much of the accident or good luck theory of self-made men. It is worth but little attention and has no practical value. An apple carelessly flung into a crowd may hit one person, or it may hit another, or it may hit nobody. The probabilities are precisely the same in this accident theory of self-made men. It divorces a man from his own achievements, contemplates him as a being of chance and leaves him without will, motive, ambition and aspiration. Yet the accident theory is among the most popular theories of individual success.

It is simplistic in the following sense that you cannot institute democracy from above. It’s a very difficult process. And democracy is not the only dimension of institutions that matters. Although my work does emphasise that democracy by itself matters as well. But the problem is really alive today in the industrialised world, where you would think, and many political scientists have claimed that democracy is safe and secure and would never be under threat. It is under threat. Support for democracy is at an all time low, not just in the US, although really jarringly in the US but not just in the US, throughout the western world. So democracy is not easy to make work because democracy is about democratic citizenship. It’s about consensus, it’s about communication. It’s about accepting defeat, making compromises, talking and understanding the other side. All of those things are always difficult. They become more difficult during times of turbulence, which, you know, we are living through and they become harder when the infrastructure, for example, the communication infrastructure, makes this sort of democratic citizenship harder, which I think is not the only factor. But social media has certainly played that role.

I will start by stating the obvious. No one here questions whether development is desirable. No one questions the inherent need to save lives and help others by giving. However, I believe that we need to rethink the ways in which we help others. We need to give from the perspective of empowering the recipient, instead of making them dependent on us.

Life will have terrible blows, horrible blows, unfair blows. Doesn't matter. And some people recover and others don't. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion.

Luckily, I got at a very early age the idea that the safest way to try and get what you want is to try and deserve what you want. It's such a simple idea. It's the golden rule so to speak. You want to deliver to the world what you would buy if you were on the other end. There is no ethos, in my opinion, that is better for any lawyer or any other person to have.

All my life, I've gone through life anticipating trouble. And here I am, well along on my eighty-fourth year, and like Epictetus, I've had a favored life. It didn't make me unhappy to anticipate trouble all the time and be ready to perform adequately if trouble came. It didn't hurt me at all. In fact, it helped me.

Generally speaking, envy, resentment, revenge, and self-pity are disastrous modes of thought. Self-pity gets pretty close to paranoia and paranoia is one of the very hardest things to reverse. You do not want to drift into self-pity.

inversion frequently will solve problems which nothing else will solve. And in life, unless you’re more gifted than Einstein, inversion will help you solve problems that you can't solve in other ways.

The highest form that civilization can reach is a seamless web of deserved trust. Not much procedure, just totally reliable people correctly trusting one another. That's the way an operating room works at the Mayo Clinic. If a bunch of lawyers were to introduce a lot of process, the patients would all die. So never forget, when you're a lawyer, that you may be rewarded for selling this stuff, but you don't have to buy it. In your own life, what you want is a seamless web of deserved trust. And if your proposed marriage contract has forty-seven pages, my suggestion is you not enter.