The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.

Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.

If the bubbles contain a misconception, as they always do, then it can't be maintained forever.

China could easily emerge as the great winner if the Chinese leaders handle the situation well. On the other hand, they could also turn out to be the biggest losers if they handle it poorly. If the management turns out be wrong, this could lead to a political crisis in China.

Misconceptions play a prominent role in my view of the world.

When money is free, the rational lender will keep on lending until there is no one else to lend to.

Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.