It is much easier to put existing resources to better use, than to develop resources where they do not exist.

Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.

The key problem is the debt restructuring in the euro zone. As long as the debt burden is not reduced, there is no chance of the weaker EU countries regaining competitiveness.

Sometimes time actually works against you if you refuse to face the relevant issues and explain to the public what is at stake.

Revolutions usually start with enthusiasm and end in tears.

Discount the obvious, bet on the unexpected

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.