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When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.

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My peculiarity is that I don’t have a particular style of investing or, more exactly, I try to change my style to fit the conditions.

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The truth is, successful investing is a kind of alchemy.

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Every bubble has two components: Some real trend, and a misconception about that trend.

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The worse a situation becomes, the less it takes to turn it around, the bigger the upside.

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Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

人生に役立つ名言

I’m only rich because I know when I’m wrong… I basically have survived by recognizing my mistakes.

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It is much easier to put existing resources to better use, than to develop resources where they do not exist.

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Misconceptions play a prominent role in my view of the world.

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Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.

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