“I rely a great deal on animal instincts.”

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.

The scope for improvement is infinite, precisely because perfection is unattainable.

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.

I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.

What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

The hardest thing to judge is what level of risk is safe.

If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest.

Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values.

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 saw a seagull hanging out by a lake, but I said, “Don’t worry, Dude. I won’t say anything.”

The great lesson is, that unity is behind all. Call it God, Love, Spirit. Allah, Jehovah – it is the same unity that animates all life from the lowest animal to the noblest man.

You cannot teach a crab to walk straight.

Cats are a very mysterious kind of folk. There is always more passing in their minds than we are aware of.

Once the love bug wears off, as it inevitably does, you are shocked to discover that you really didn’t know the object of your affections at all. We know this to be so, even as we repeat the same mistake over and over and over.

There is no difference between the worry of a human mother and an animal mother for their offspring. A mother’s love does not derive from the intellect but from the emotions, in animals just as in humans.

In 1968, I became a vegetarian after realizing that animals feel afraid, cold, hungry, and unhappy like we do.

The crow wished everything was black, the Owl, that everything was white.