The Bureaucratic Method Of Building An Integrated

A Global Economy Is Characterized Not Only By The Free Movement Of Goods And Services But, More Important, By The Free Movement Of Ideas And Of Capital.

Making An Investment Decision Is Like Formulating A Scientific Hypothesis And Submitting It To A Practical Test. The Main Difference Is That The Hypothesis That Underlies An Investment Decision Is Intended To Make Money And Not To Establish A Universally Valid Generalization.

I Would Be Lying, However, If I Claimed That I Could Always Formulate Worthwhile Hypotheses On The Basis Of My Theoretical Framework. Sometimes There Were No Reflexive Processes To Be Found; Sometimes I Failed To Find Them; And, What Was The Most Painful Of All, Sometimes I Got Them Wrong. One Way Or Another, I Often Invested Without A Worthwhile Hypothesis And My Activities Were Not Very Different From A Random Walk.

I'm Only Rich Because I Know When I'm Wrong...i Basically Have Survived By Recognizing My Mistakes.

It's Not Whether You're Right Or Wrong That's Important, But How Much Money You Make When You're Right And How Much You Lose When You're Wrong