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" The bottom line is that the euro is a failed experiment. "

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" Stability is not the way of the world. "

" Capital is kind of a banking concept. "

" It is impossible to understand the financial health of big financial institutions and their potential impact on the market. They don't even understand it themselves. "

" The starting point of my career in money management in 1973-74 was the time of the only true bear market any living non-Japanese investor has seen in major markets. Equities, real estate, you name it, everyone got run over. "

" Securing for gays and lesbians the basic right to have their relationships and families recognized as part of a community makes all of our communities stronger. "

" I know people who are always freeriders and will never get into a fight. "

" The Orderly Liquidation Authority prescribed by Dodd-Frank should be repealed and replaced by an amendment to the U.S. Bankruptcy Code which would operate to prevent cross-default provisions from impacting derivatives books so long as mark-to-market payments are being made in a timely fashion. "

" You have got to welcome and embrace complexity. "

" It's true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans. "

" Credit ratings and risk weightings must undergo a thorough process of review and revision. No security or instrument on the planet should have a zero risk weighting. "

" A great deal of stupidity has chipped away at the massive advantages of Western civilization, which could terminally decline if it remains on the current path. But these problems can be solved - and swiftly - if the right leaders emerge. "

" Individual liberty, the basic underpinning of American society, requires constant defense against the encroachment of the state. "

" Resentment is not morally superior to earning money. "

" The world, in terms of choices available to educated, ambitious workers and entrepreneurs, is way bigger than just the United States, Japan and Europe. "

" There is no safe haven in today's markets. "

" What you have in legacy countries is long-term insolvency. "

" What I think about derivatives is if every institution that owns or trades them is properly margined and marked to market, including end-users, including every institution, including sovereigns and multilateral institutions, then the system would be safe - if people were margined the way customers of investment banks are margined. "

" In government, the forces of risk-aversion and constant conflict serve to stultify and narrow the range of ideas up for debate. "

" Check out London, Manhattan, Aspen and East Hampton real estate prices, as well as high-end art prices, to see what the leading edge of hyperinflation could look like. "

" 'Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider that their own policies, which put the entire burden on central bankers to print money and drive up stock, bond and other asset prices, are actually exacerbating income and wealth disparity. "

" It is a very bad idea for governments to create arbitrary and unfair outcomes, or outcomes resulting from the passions and whims of the government rather than from the law, just because they have the power to do so. "

" Today, even small entities that trade complex instruments or are granted sufficient leverage can threaten the global financial system. "

" The building block of every community is family. "

" There's a feeling among some people that the Republican party is harsh on some things. "

" Margin is a customer concept. "

" Opacity on extreme levels is not addressed anywhere, including Dodd-Frank. "

" I'm rarely optimistic. "

" While many of Mr. Obama's ideas warrant skepticism, conservative opposition to any expanded role for government is a mistake. "

" My concern as a citizen and as a money manager is, Oh my God, at what point does a 'whoa' moment happen to these people who own $30 trillion fixed income instruments? "

" Derivatives trading should be standardized and as much as possible moved to clearinghouses. "