"I just decided that I didn't want to be in the academic world, because it was [really] too easy for me at the top. But also it wasn't active enough for me."

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I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

— Charlie Munger