Every bubble has two components: something - some real trend, and a misconception about that trend.

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.

Market prices are always wrong in the sense that they present a biased view of the future.

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.

In politics, manipulating reality can take presidence over finding reality.

It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong

When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society.