“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.”

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

The main obstacle to a stable and just world order is the United States.

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.

Increase your bets when you are confident and scale down your positions when you don’t have conviction.

If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.

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

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.

Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.

My approach works not by making valid predictions but by allowing me to correct false ones.

The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.

Revolutions usually start with enthusiasm and end in tears.

Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.

No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That’s one of the positive features of markets. That’s why they function.

It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.

Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.

The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don’t have much personal use for money.

One smile relieves a heart that grieves.

Love at first sight’some say misnaming Discovery of twinned helplessness Against the huge tug of procreation. But friendship at first sight? This also Catches fiercely at the surprised heart So that the cheek blanches then blushes.

Flatterers are the worst kind of enemies. [Lat., Pessimum genus inimicorum laudantes.]

Youth doesn’t need friends — it only needs crowds.

To gain a crown by fighting is great, to reject it divine.

If you’re willing to take the humiliation of sticking your head above the crowd, maybe it’s, you know, the pleasure will be worth the pain.

The crowds treat me like my last name. When I go onstage people usually stand up, I never ask them to, but they do. They stand up and they don’t know how much I appreciate it.

The bigger the crowd the better really! The noise calms your nerves.