“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.”

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.

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 first steps in the path of discovery, and the first approximate measures, are those which add most to the existing knowledge of mankind.

It is one of the strange discoveries a man can make that life, however you lead it, contains moments of exhilaration; there are always comparisons which can be made with worse times: even in danger and misery the pendulum swings.

How little do we discover in comparison of those things which now are and forever will be hidden from our sight? The whole of which I am fully persuaded no one will ever be able to dive into, and to explain their causes and effects.

Experimental confirmation of a prediction is merely a measurement. An experiment disproving a prediction is a discovery.

I know of nothing more inspiring than that of making discoveries for ones self.

For my part, I would say that the male sperm and seeds of plants have been penetrated so far that there is nothing further to discover in this great secret, but I could err in my opinion.

An experiment disproving a prediction is discovery.

The footsteps of Nature are to be trac’d, not only in her ordinary course, but when she seems to be put to her shifts, to make many doublings and turnings, and to use some kind of art in endeavouring to avoid our discovery.