Unfortunately, the more complex the system, the greater the room for error.

Market prices are always wrong in the sense that they present a biased view of the future.

However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.

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 main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don't have much personal use for money.

I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.