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

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 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.

I don’t like credit cards. They make overspending very easy. They can make life a lot more complex and stressful.

I ask myself am I a mother, a musician, a model again one day perhaps. The answer is simply yes. A woman is many complex things.

Justice demands integrity. It’s to have a moral universe – not only know what is right or wrong but to put things in perspective, weigh things. Justice is different from violence and retribution; it requires complex accounting.

A man should not strive to eliminate his complexes but to get into accord with them: they are legitimately what directs his conduct in the world.

For me the history of the place of black people in this country is so varied, complex and beautiful. And impactful.

For me the history of the place of black people in this country is so varied, complex and beautiful. And impactful.

Perhaps consciousness arises when the brain’s simulation of the world becomes so complex that it must include a model of itself.

Complexity is your enemy. Any fool can make something complicated. It is hard to keep things simple.