Because in the end the way you make a ton of money is calling paradigm shifts, and people who are real finance types, maybe they can work really well within the paradigm of a particular market or a particular set of rules—and you can make money doing that—but the people who make huge money, the George Soroses and Julian Robertsons, they’re the people who can step back and see when the paradigm is going to shift, and I think that comes from having a broader experience, a little bit of a different approach to how you think about things.
December 16, 2010
I made a lot of inaccurate predictions in the book, which we left in. I guess honesty’s important.
December 15, 2010
I was glad the reviewers didn’t savage us… I was a little surprised, given the mood about finance and financiers.
July 28, 2010
Then the next review, it’s gone down one or two. Eventually, it approaches their personality.
July 2, 2010
Shouldn’t we call the police? The regulators? Why aren’t the regulators looking?
June 25, 2010
You would look to the courts for vindication, but in difficult times the damage that’s done may be irreversible.
June 24, 2010
There’s so many obvious opportunities to invest and really increase efficiency. Physically invest.
June 23, 2010
Look, bubbles create other bubbles, they’re like derivative bubbles.
June 22, 2010
So it was quite obvious to professionals that this guy was a fraud. But the source of the fraud, there was some disagreement.
June 21, 2010
The developer got the money from a bank. Where did the bank get the money from? The bank got the money from a depositor.
To buy credit protection on US government debt now costs you more than to buy credit protection on Campbell’s Soup!
“Gosh, things are so bad, pretty soon it’s got to spread to the real economy.”
I’ve never seen the financial system as a whole more distressed.
April 1, 2008
Banks, the sense of panic and despair at the major banks, I’ve just never seen it before.