“Market prices are always wrong in the sense that they present a biased view of the future.”

The sovereignty of states must be subordinated to international law and international institutions.

Find the trend whose premise is false, and bet against it.

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.

Don’t put off until tomorrow what you can do today.

The lesson I’ve learned the most often in life is that you’re always going to know more in the future than you know now.

People often say that it is easier to predict the way things are going to be 10 to 20 years in the future than to predict how it is going to be 3 years from now.

Poetry is not only dream and vision; it is the skeleton architecture of our lives. It lays the foundations for a future of change, a bridge across our fears of what has never been before.

The greatest fine art of the future will be the making of a comfortable living from a small piece of land.

No matter how dirty your past is, your future is still spotless.

I believe that tomorrow is another day and I believe in miracles.

The good times of today are the sad thoughts of tomorrow.