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

The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.

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

Any central bank should only be in charge of liquidity. Solvency is a matter for the treasury.

The eurozone status quo is neither tolerable nor stable. Mainstream economists would call it an inferior equilibrium; I call it a nightmare - one that is inflicting tremendous pain and suffering that could be easily avoided if the misconceptions and taboos that sustain it were dispelled.

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest.