“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.”

My main concern is with the world order.

If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.

I chose America as my home because I value freedom and democracy, civil liberties and an open society.

When money is free, the rational lender will keep on lending until there is no one else to lend to.

To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.

In politics, manipulating reality can take presidence over finding reality.

Discount the obvious, bet on the unexpected.

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.

I still search for you in crowds, in empty fields and soaring clouds. In city lights and passing cars, on winding roads and wishing stars.

I loathe crowds. I especially dont like cities.

We read the weird tales in newspapers to crowd out the even weirder stuff inside us.

You go strolling through the crowd like Peter Lorre, contemplating a crime. She comes out of the sun in a silk dress running like a watercolor in the rain.

The window doesn’t open, the fan is broke, and my face is turning blue. I haven’t been in a crowd like this since I went to see the Who.

I’m trying to involve the fans and bring in a crowd where not only do they love boxing but they love me as a person.

I love the sound of the distant bugle call in the countryside in early morning I love to be pushed in busy crowds I love the sound of gongs and trumpets along the streets I love circus performances I even wish to die in this moment of glorious encounter.

Even in a crowd, you are alone inside your own head.