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10Investing

If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.

9Right or Wrong

It is not whether you are right or wrong that is important, but how much money you make when you are right and how much you lose when you are wrong

8Market Movements

Volatility is greatest at turning points, diminishing as a new trend becomes established

7Animal Instincts



I rely a great deal on animal instincts.

6Perspective

Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

5Strategy

My approach works not by making valid predictions but by allowing me to correct false ones.

4Secret to Success

The secret to my success is that I know that I will be wrong. I consider it strength to admit my mistakes. That allows me to stay in the game and fight another day.

3Society

An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.

2United States Military

Bush’s war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.

1Charity

I am not doing my philanthropic work, out of any kind of guilt, or any need to create good public relations. I’m doing it because I can afford to do it, and I believe in it.