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.

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.

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

Democracy, by its very nature, can't be imposed on people. Democracy has to be the people deciding for themselves.

It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong

The integration of Europe was very much led by a Germany that was always willing to pay a little bit extra to reach a compromise that everybody accepted, because Germany was so eager to get European support for reunification. That was called the "farsighted vision," which created the European Union.