There is always a divergence between our perception and what actually exists.

Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.

Who most benefits from keeping marijuana illegal? The greatest beneficiaries are the major criminal organizations in Mexico and elsewhere that earn billions of dollars annually from this illicit trade - and who would rapidly lose their competitive advantage if marijuana were a legal commodity.

If every rich person gave 50 percent of their wealth to charity, I would not say they should pay more taxes.

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

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.

Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.