“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.”

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.

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.

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.

An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.

Unfortunately, the more complex the system, the greater the room for error.

The main obstacle to a stable and just world order is the United States.

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.

Increase your bets when you are confident and scale down your positions when you don’t have conviction.

If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.

Man, one may say, was never in such a completely animal condition; but he has, on the other hand, never escaped from it.

Honesty prospers in every condition of life.

A little understanding of “As you sow, so shall you reap” is important, because then you can’t blame the condition you’re in on anyone else.

If Pakistan feels Indian positions are pre-conditions, then there will be no talks.

Authority, without any condition and reservation, belongs to the nation.

The news media in general are liberal. If you want to be a reporter, you are going to see poverty and misery, and you have to be involved in the human condition.

When you’re 6 or 7, your father becomes this wonderful presence in your life. I really responded to my father. And then, the very moment I realized that I loved him unconditionally, that life was going to be great just because he was in it, he was gone.

Wars always bring about a conservative reaction. They overwhelm and destroy patient and careful efforts to improve the condition of man.