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.

I am for maximum supervision and minimum regulation.

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

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

Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. [...] That was absurd.

An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.

I used to be opposed to the idea of social entrepreneurship. I said, you know, let business be business, and philanthropy be philanthropy. Keep the two separate, don't mix it up, and this is what I did, and I did that rather successfully, but I now recognize that actually you do need to mix it up and I think there is room for social entrepreneurship.