I don't really like hedging. To me, if something needs to be hedged, you shouldn't have a position in it.
Every serious deflation I've looked at is preceded by an asset bubble, and then it bursts.
I love Amazon.
I think Bezos is incredible.
The few times that Soros has ever criticized me was when I was really right on a market and didn't maximize the opportunity.
For 30 years I've been responsible for managing client money, and it's been a joy, but at some point I need to move on. Thirty years is enough.
The first thing I heard when I got in the business - not from my mentor - was, 'Bulls make money, bears make money, and pigs get slaughtered.' I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.
All in all, I don't think robots and greater automation can bring about a utopian world as I imagined it would as a kid 50 years ago.
I think ageing demographics is a bigger issue in China than people think. And the problems it creates should be become evident as early as 2016.
If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don't know. It's hard to be very optimistic if you look at how humans have behaved historically.
I have given myself a Tesla for my 60th birthday.
If you're extremely confident, taking a loss doesn't bother you.
Once an economy reaches a certain level of acceleration... the Fed is no longer with you... The Fed, instead of trying to get the economy moving, reverts to acting like the central bankers they are and starts worrying about inflation and things getting too hot.
I don't like the repeal of the estate tax.
I love being around kids. I couldn't figure out why all these 70-year-olds wanted to hang out with me when I was 27. Now I understand, and I'm trying to steal their energy from them like they stole from me at the time.
Carried interest... you're making money on somebody else's capital. It's not on your own. If that's not income, I don't know what is.
Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.
