To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.

My main concern is with the world order

By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.

Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.

Once a trend is established it tends to persist and to run it’s full course.

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.

There is no point in being confident and having a small position.