When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.

Democracy, by its very nature, can't be imposed on people. Democracy has to be the people deciding for themselves.

I am not a Zionist, nor am I am a practicing Jew, but I have a great deal of sympathy for my fellow Jews and a deep concern for the survival of Israel.

The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

It is better to have a cat and mouse game where the cat has the upper hand than a cat and mouse game where the mice are ruling. Because the latter means that the market participants are given free range. That was actually the big misconception of our national hero Ronald Reagan, who always talked about the magic of the market.

Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.