As a society we can't live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process.

Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.

Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

Markets can influence the events that they anticipate.

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

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

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.