The Ultimate Asset Bubble Is Gold.

Once We Realize That Imperfect Understanding Is The Human Condition There Is No Shame In Being Wrong, Only In Failing To Correct Our Mistakes.

Money Values Do Not Simply Mirror The State Of Affairs In The Real World; Valuation Is A Positive Act That Makes An Impact On The Course Of Events. Monetary And Real Phenomena Are Connected In A Reflexive Fashion; That Is, They Influence Each Other Mutually. The Reflexive Relationship Manifests Itself Most Clearly In The Use And Abuse Of Credit.

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.

To Be Successful, You Need Leisure. You Need Time Hanging Heavily On Your Hands.

Start By Assuming The Market Is Always Wrong, So If You Copy Everybody Else On Wall Street, You're Doomed To Do Poorly.