“The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.”

If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest.

Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.

The global crisis is caused by pathologies inherent in the global financial system itself.

The worse a situation becomes the less it takes to turn it around, the bigger the upside.

Markets can influence the events that they anticipate.

I fancied myself as some kind of god or an economic reformer like Keynes.

There is no point in being confident and having a small position.

America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process.

If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one’s conceptions and what one does about them. Life can be seen as a fertile fallacy.

Every bubble has two components: something – some real trend, and a misconception about that trend.

I’m only rich because I know when I’m wrong.

Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.

Political debate is more interested in manipulating the truth, than finding the truth.

Short term volatility is greatest at turning points and diminishes as a trend becomes established.

I follow my heart, for I can trust it.

It’s a well-known fact: in order to follow doctor’s orders, you have to be healthy as a horse.

And if there is no lining to the world? If a thrush on a branch is not a sign, But just a thrush on the branch? If night and day Make no sense following each other?

Find your confidence, lead with love, the rest will follow.

You’ve got to find your bliss as a human being, because if you can follow that, everything else falls into place.

When intimacy followed love in Italy there were no longer any vain pretensions between two lovers.

I think by planning an exercise regime, your diet follows to some extent.

When the heart is right, the mind and the body will follow.