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

Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.

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.

There is a well-established conviction that the central banks always do what is necessary to keep the system going and then afterwards you then take care of the legal aspects. In a crisis, you simply do not have time to think about such concerns for too long.

America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process.

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

The pro-Israel lobby has been remarkably successful in suppressing criticism. Politicians challenge it at their peril because of the lobby's ability to influence political contributions.