What works for Germany can't work for the rest of Europe: No country can run a chronic surplus without others running deficits.

Discount the obvious, bet on the unexpected

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.

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

Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.

I rely a great deal on animal instincts.

Short term volatility is greatest at turning points and diminishes as a trend becomes established