Increase your bets when you are confident and scale down your positions when you don't have conviction.

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.

There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place.

I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.

Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.

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