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

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.

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.

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.

Everywhere we look, complex magic of nature blazes before our eyes.

Simple can be harder than complex. You have to work hard to get your thinking clean to make it simple.

It’s a strange, eerie sensation to fly a lunar landing trajectory not difficult, but somewhat complex and unforgiving.

Don’t let complexity stop you.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.