Of course, speculation will always make a crisis worse. If there is a weak point, it will expose it.

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

The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.

The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market.

Revolutions usually start with enthusiasm and end in tears.

We are trying to make the world a better place, but that is not necessarily what we accomplish. Many of the problems which preoccupy us are basically insoluble.

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