“I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.”

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.

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

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 dictatorship has ultimately strangled in the web of repression it wove for its people, making mistakes that could not be corrected because criticism was prohibited.

If you want criticisms, read the dissenting opinions of the Court. That will give you criticisms.

You can’t be sensitive, because you’re going to get criticized. I don’t care who you are, you’re going to get criticized.

Merciless criticism and independent thinking are the two necessary traits of revolutionary thinking.

Worry is itself an illness, since worry is an accusation against Divine Wisdom, a criticism of Divine Mercy.

If people want to criticize me, that’s their issue.

The critics never ever one time fairly criticized my son.

If you really look at my lyrics, nobody’s exempt. Nobody’s exempt from observation, criticism or what I think is correction.