This crisis has the potential to be a lot worse than Lehman Brothers.

The hardest thing to judge is what level of risk is safe.

I have made it a principle to give advice that does not serve my personal interest but rather the common interests.

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.

There is a well-established conviction that the central banks always do what is necessary to keep the system going and then afterwards you then take care of the legal aspects. In a crisis, you simply do not have time to think about such concerns for too long.

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.

There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.