“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.”

There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.

Once a trend is established it tends to persist and to run it’s full course.

My sense of insecurity keeps me alert, always ready to correct my errors.

Misconceptions play a prominent role in my view of the world.

I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

Studying economics is not a good preparation for dealing with it.

When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.

The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.

To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.

It is credit that matters, not money (in other words, monetarism is a false ideology).

As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.

It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.

American supremacy is the greatest threat to the world today.

The scope for improvement is infinite, precisely because perfection is unattainable.

The Reformation was cradled in the printing-press, and established by no other instrument.

It is only on these principles that we will be able to establish (“pourront être édifiées”, Fr.) the real basis of morality.

In my opinion what distinguishes the Bible from the other books is its sense of time. Its first concern is to establish a calendar. Then it traces a genealogy.

Our present-day artists do not transform, they deform. That gives pleasure to nobody. It changes everything, therefore it changes nothing.

If America is truly Israels greatest ally, we should not be asking it to put its citizens and future at risk by forcing the establishment of a hostile Palestinian state as the only option.

I think everybody has their own way of looking at their lives as some kind of pilgrimage. Some people will see their role as a pilgrim in terms of setting up a fine family, or establishing a business inheritance. Everyone’s got their own definition.

America is the mecca of boxing, and they’ve had some great champions here. It’s good to establish your skills and let people know what you’re about in the States.

Fury made a name for himself in America, and as a fighter, you have to establish yourself there, first and foremost, to be known worldwide.