The ultimate asset bubble is gold.

I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.

To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.

My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.

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.

As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.

When money is free, the rational lender will keep on lending until there is no one else to lend to.