The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.

Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend and step off before it is discredited.

To be successful, you need leisure. You need time hanging heavily on your hands.

My sense of insecurity keeps me alert, always ready to correct my errors.

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.

Sometimes time actually works against you if you refuse to face the relevant issues and explain to the public what is at stake.

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.