The language "it's too late" is very unsuitable for most environmental issues. It's too late for the dodo and for people who've starved to death already, but it's not too late to prevent an even bigger crisis. The sooner we act on the environment, the better.

There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.

Profit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism. If high profits do not attract competition, there is something wrong with the system and it is not functioning properly.

Volatility is a symptom that people have no idea of the underlying value.

I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.

Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing bubble and you’ll have a reasonable discussion. Tell an Australian and you’ll have World War III. Been there, done that!

I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.