“The hardest thing to judge is what level of risk is safe.”

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.

When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.

What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

It’s hard to see someone with a ‘perfect’ body and be like, ‘Why can’t I be like her?’ But that person was born to be who she is, and you’re born to be who you are.

We work in the dark — we do what we can — we give what we have.

Those who best know human nature will acknowledge most fully what a strength light hearted nonsense give to a hard working man

Everybody loves to show up at the party once all the hard work is done.

I never knew anybody . . . who found life simple. I think a life or a time looks simple when you leave out the details.

I am a black diamond, unfaceted. Black diamonds are rare, hard to cut, and therefore uncommercial.

When you’re a writer, you hear your internal critic, and that’s really hard to get over. And then sometimes you hear critiques from classmates and stuff.

It’s hard to enjoy practical jokes when your whole life feels like one.