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

This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.

Of course, speculation will always make a crisis worse. If there is a weak point, it will expose it.

If every rich person gave 50 percent of their wealth to charity, I would not say they should pay more taxes.

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.

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.

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