Changeless society is characterized by the absense of alternatives.

A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.

Germans tend to forget now that the euro was largely a Franco-German creation. No country has benefited more from the euro than Germany, both politically and economically. Therefore what has happened as a result of the introduction of the euro is largely Germany's its responsibility.

There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany. Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred.

Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.

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

Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.