I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

If the choice is between cooking alive and wasting money unnecessarily I would rather waste some money, because long before we cook we are going to kill each other if we don't deal with climate change.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

Discount the obvious, bet on the unexpected