When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.

The financial markets play an active role in determining what's going to happen, how the economy is going to function.

I chose America as my home because I value freedom and democracy, civil liberties and an open society.

My sense of insecurity keeps me alert, always ready to correct my errors.

I think that my foundation uses the money better than the government does. In any event, I do pay taxes.

If the bubbles contain a misconception, as they always do, then it can't be maintained forever.

Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.