“The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.”

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.

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.

The good photograph is not the object, the consequences of the photograph are the objects.

So much nearer to Nature than civilized men are; absurd then to maintain cruelty is a consequence of depravity. . . .

Some mistakes… Just have greater consequences than others. But you don’t have to let the result of one mistake be the thing that defines you.

I think our nation faces enormous challenges, and we need leaders who are willing to tell the truth and do the right thing regardless of the consequences.

I chose to walk on this journey, because I solely believed in it and wholeheartedly decided to do so, and I’m willing and able to pay for the consequences.

Men outlive their love, but they don’t outlive the consequences of their recklessness.

The woman spread her legs, and made me look between them. All I could see was something that looked like a dyin’ orchid; consequently, I have never been comfortable around women or orchids.

To all those who have suffered as a consequence of our troubled past I extend my sincere thoughts and deep sympathy. With the benefit of historical hindsight we can all see things which we would wish had been done differently or not at all.