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

It is better to have a cat and mouse game where the cat has the upper hand than a cat and mouse game where the mice are ruling. Because the latter means that the market participants are given free range. That was actually the big misconception of our national hero Ronald Reagan, who always talked about the magic of the market.

Find the trend whose premise is false, and bet against it.

Merkel has realized that the euro is not working, but she cannot change the narrative she has created because that narrative has caught the imagination of the German public, and the German public has accepted it.

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

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.