“ The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion. ”

“ Finance is wholly different from the rest the economy. ”

“ The person I liked the best was Gerald R. Ford. He was the most decent man in politics I ever had any relationships with. ”

“ You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can. ”

“ People don't realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but that's as far as we go. And I've had a very successful career as a forecaster, starting in 1948 forward. The number of mistakes I have made are just awesome. There is no number large enough to account for that. ”

“ One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won't tell you very much about what they're doing. ”

“ The only way you get economic progress, real standards of living moving higher, is to have the savings of the society continuously invested in the cutting-edge technologies. And those technologies which are obsolescent get dropped out. ”

“ Chinese productivity is the highest in the world but the way they do it is by borrowing the technology from abroad, either by joint ventures or other means. ”

“ One of the major problems with China is that its innovation is largely borrowed technology. ”

“ We need, in effect, to make the phantom 'lock-boxes' around the trust fund real. ”