The worse a situation becomes the less it takes to turn it around, the bigger the upside.

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.

Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

Markets can influence the events that they anticipate.

Markets are imperfect. So you do need regulation, knowing that the regulators are also human.

The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.