Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.

Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. [...] That was absurd.

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

This crisis has the potential to be a lot worse than Lehman Brothers.

However, even a strong government can't perform miracles. It needs money from the taxpayers.

Changeless society is characterized by the absense of alternatives.

My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.