The Financial Markets Play An Active Role

When You Sell Options, You Get Paid For Assuming Risk. That Can Be A Profitable Business, But It Does Not Mix Well With The Risks Inherent In A Leveraged Portfolio.

If I Had To Sum Up My Practical Skills, I Would Use One Word: Survival. And Operating A Hedge Fund Utilized My Training In Survival To The Fullest.

Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

Every Bubble Has Two Components: Something - Some Real Trend, And A Misconception About That Trend.

Advocating Democracy Has, By Other People, Often Been Taken As A Form Of Imperialism, And Not Without Some Justification. So The Important Thing In A Democracy Is That It Doesn't Necessarily Have To Agree With What America's Interests Are, And It Doesn't Necessarily Have To Be Serving American Interests.