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

I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.

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

When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

The world is looking to us for leadership. We have provided it in the past; the main reason why anti-American feelings are so strong in the world today is that we are not providing it in the present.

The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.

Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention, and I wouldn't underestimate the value of that. But they're not designed to take care of social needs.