The Hardest Thing To Judge Is What

The Scope For Improvement Is Infinite, Precisely Because Perfection Is Unattainable.

I Rely A Great Deal On Animal Instincts.

The Generally Accepted View Is That Markets Are Always Right -- That Is, Market Prices Tend To Discount Future Developments Accurately Even When It Is Unclear What Those Developments Are. I Start With The Opposite View. I Believe The Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

Any Central Bank Should Only Be In Charge Of Liquidity. Solvency Is A Matter For The Treasury.

Stock Market Bubbles Don't Grow Out Of Thin Air. They Have A Solid Basis In Reality, But Reality As Distorted By A Misconception.