When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

I think that my foundation uses the money better than the government does. In any event, I do pay taxes.

Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.

I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.

Sometimes time actually works against you if you refuse to face the relevant issues and explain to the public what is at stake.

Once a trend is established it tends to persist and to run it’s full course.

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