Any central bank should only be in charge of liquidity. Solvency is a matter for the treasury.

When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.

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

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

My approach works not by making valid predictions but by allowing me to correct false ones.

The hardest thing to judge is what level of risk is safe.

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