Radical transparency is critical to having an idea meritocracy because it shows what's actually happening without spin and prevents people from maneuvering politically behind each others' backs. It brings problems and weaknesses to the surface and allows people to see how they are dealt with, so it's great for training people on how to deal with real problems.

The economy is like a machine.

When you think that it's too hard, remember that in the long run, doing the things that will make you successful is a lot easier than being unsuccessful

When growth is slower than expected, stocks go down. When inflation is higher than expected, bonds go down. When inflation's lower than expected, bonds go up.

I'd like to be clear that a number of people find me intolerable, and they don't hesitate to say so - which they and I cherish.

I don't think individual media outlets will regulate. There are such things as self-regulatory organizations that will look at the members of the industry and their behavior and establish standards of behavior.

The main reason I write the daily observations is because I want to know where I'm wrong. So lots of times if somebody points something out it helps me, and I want to have a diversified bet of uncorrelated bets.