Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.

It is better to have a cat and mouse game where the cat has the upper hand than a cat and mouse game where the mice are ruling. Because the latter means that the market participants are given free range. That was actually the big misconception of our national hero Ronald Reagan, who always talked about the magic of the market.

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

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

These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities, Fannie Mae and Freddie Mac. They really kicked off this crisis. The state should set the rules and enforce them - but not become involved as a market player.

I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

President George W. Bush is endangering the United States and the world's safety while undermining American values.