My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.

If every rich person gave 50 percent of their wealth to charity, I would not say they should pay more taxes.

Every bubble has two components: something - some real trend, and a misconception about that trend.

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

Advocating democracy has, by other people, often been taken as a form of imperialism, and not without some justification. So the important thing in a democracy is that it doesn't necessarily have to agree with what America's interests are, and it doesn't necessarily have to be serving American interests.

The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.