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.

What works for Germany can't work for the rest of Europe: No country can run a chronic surplus without others running deficits.

I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.

The scope for improvement is infinite, precisely because perfection is unattainable.

I called gold the ultimate bubble, which means it may go higher. But it’s certainly not safe and it’s not going to last forever.

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

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.