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" The economy is like a machine. "

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" In return, society rewards those who give it what it wants. That is why how much money people have earned is a rough measure of how much they gave society what it wanted. "

" Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity. "

" Almost everything is like a machine. "

" If it didn't happen in your life before, then you're not paying attention you don't think it's possible. But almost all important events never happen in your life before. "

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" Imagine if you had baseball cards that showed all the performance stats for your people: batting averages, home runs, errors, ERAs, win/loss records. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way. "

" The world is still in deleveraging. "

" I don't get caught up in the moment. "

" Nature is a machine. The family is a machine. The life cycle is like a machine. "

" In China anything less than 6% growth is a recession meaning that it also causes financial problems and it's disruptive and it's a problem. "

" There is a strong tendency to get used to and accept very bad things that would be shocking if seen with fresh eyes. "

" What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced. "

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" I'm just saying that if you understand how the economic machine works, it just works like a machine. There are cause-effect relationships. "

" So how does the machine work that you have a financial crisis? How does deleveraging work - what is the nature of that machine? And what is human nature, and how do you raise a community of people to run a business? "

" The big question is: When will the term structure of interest rates change? That's the question to be worried about. "

" I can be stressed, or tired, and I can go into a meditation and it all just flows off of me. I'll come out of it refreshed and centered and that's how I'll feel and it'll carry through the day. "

" A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic. "

" There are two main drivers of asset class returns - inflation and growth. "

" When growth is slower-than-expected, stocks go down. When inflation is higher-than-expected, bonds go down. When inflation is lower-than-expected, bonds go up. "

" It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow. "