Investors Operate With Limited Funds And Intelligence,

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.

Money Values Do Not Simply Mirror The State Of Affairs In The Real World; Valuation Is A Positive Act That Makes An Impact On The Course Of Events. Monetary And Real Phenomena Are Connected In A Reflexive Fashion; That Is, They Influence Each Other Mutually. The Reflexive Relationship Manifests Itself Most Clearly In The Use And Abuse Of Credit.

Giving Government Aid To A Bank Basically Transforms It Into A Utility. The Huge Salaries In This Sector Are Only A Symptom Of A More Profound Misalignment. The Profitability Of The Finance Industry Has Been Excessive. [...] That Was Absurd.

I Have Made It A Principle To Give Advice That Does Not Serve My Personal Interest But Rather The Common Interests.

Taking This View, It Is Possible To See Financial Markets As A Laboratory For Testing Hypotheses, Albeit Not Strictly Scientific Ones. The Truth Is, Successful Investing Is A Kind Of Alchemy.