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.

I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.

I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful - but also very harmful to our society.

There is no point in being confident and having a small position.

Misconceptions play a prominent role in my view of the world.

An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.

The scope for improvement is infinite, precisely because perfection is unattainable.