To be successful, you need leisure. You need time hanging heavily on your hands.

Once a trend is established it tends to persist and to run it’s full course.

I called gold the ultimate bubble, which means it may go higher. But it’s certainly not safe and it’s not going to last forever.

China could easily emerge as the great winner if the Chinese leaders handle the situation well. On the other hand, they could also turn out to be the biggest losers if they handle it poorly. If the management turns out be wrong, this could lead to a political crisis in China.

Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values

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

Markets can influence the events that they anticipate.