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

Increase your bets when you are confident and scale down your positions when you don't have conviction.

Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values

I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

The financial markets play an active role in determining what's going to happen, how the economy is going to function.

The integration of Europe was very much led by a Germany that was always willing to pay a little bit extra to reach a compromise that everybody accepted, because Germany was so eager to get European support for reunification. That was called the "farsighted vision," which created the European Union.