It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.

...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.

Amateurs want to be right. Professionals want to make money.

If we allow terrorism to undermine our freedom of action, we could reverse at least part of the palpable gains achieved by postwar globalization. It is incumbent upon us not to allow that to happen.

No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

Greenspan, who knew so much more than most, knew far less than most supposed.