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.

Anticipating attacks, I should like to emphasize that I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.

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.

In 2012, the far-right Golden Dawn won 21 seats in Greece's parliamentary election, the right-wing Jobbik gained ground in my native Hungary, and the National Front's Marine Le Pen received strong backing in France's presidential election. Growing support for similar forces across Europe points to an inescapable conclusion: the continent's prolonged financial crisis is creating a crisis of values that is now threatening the European Union itself.

If the terrorists have the sympathy of people, it's much harder to find them. So we need people on our side, and that leads us to be responsible leaders of the world, show some concern with the problems.

However, even a strong government can't perform miracles. It needs money from the taxpayers.

Market prices are always wrong.