“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.”

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.

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.

Unhappiness is our element. We come to believe we can’t function without it.

I appreciate the good work that senators in both parties have put into trying to fix our broken immigration system. There are some good elements in this proposal, especially increasing the resources and manpower to secure our border and also improving and streamlining legal immigration. However, I have deep concerns with the proposed path to citizenship. To allow those who came here illegally to be placed on such a path is both inconsistent with rule of law and profoundly unfair to the millions of legal immigrants who waited years, if not decades, to come to America legally.

The first element of change is awareness. You can’t change something unless you know it exists.

Woman is the most moral element in all humanity.

Such fluctuations were the natural element of the speculator, and he came early, buying in quantities and holding in storage tanks for higher prices.

You cannot do anything without God.It’s a profound and elemental truth. Not, you cannot do most things without God. You will not be able to do anything that you want, truly, in fulfillment, without God.

Upon this theology he rarely pondered. The kernel of his practical religion was that it was respectable, and beneficial to one’s business, to be seen going to services; that the church kept the Worst Elements from being still worse.

Perseverance is a great element of success. If you only knock long enough and loud enough at the gate, you are sure to wake up somebody.