Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.

Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.

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

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

I'm not doing my philanthropic work out of any kind of guilt, or any need to create good public relations. I'm doing it because I can afford to do it, and I believe in it.

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.