We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today.

Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.

I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.

Advocating democracy has, by other people, often been taken as a form of imperialism, and not without some justification. So the important thing in a democracy is that it doesn't necessarily have to agree with what America's interests are, and it doesn't necessarily have to be serving American interests.

I would be lying, however, if I claimed that I could always formulate worthwhile hypotheses on the basis of my theoretical framework. Sometimes there were no reflexive processes to be found; sometimes I failed to find them; and, what was the most painful of all, sometimes I got them wrong. One way or another, I often invested without a worthwhile hypothesis and my activities were not very different from a random walk.

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

The global crisis is caused by pathologies inherent in the global financial system itself.