Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.

If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.

I'm not doing my philanthropic work out of any kind of guilt, or any need to create good public relations. I'm doing it because I can afford to do it, and I believe in it.

To be successful, you need leisure. You need time hanging heavily on your hands.

I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.

If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one's conceptions and what one does about them. Life can be seen as a fertile fallacy.

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.