I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.

Increase your bets when you are confident and scale down your positions when you don't have conviction.

As an anonymous participant in financial markets, I never had to weigh the social consequences of my actions ... I felt justified in ignoring them on the grounds that I was playing by the rules.

The ultimate asset bubble is gold.

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.

The sovereignty of states must be subordinated to international law and international institutions.

Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.