QOTD
"I'm only rich because I know when I'm wrong."
- George Soros, WSJ June 21 2008
If I can maybe sharpen this quote a bit. Soros is rich because he recognizes when he's wrong and then acts upon it.

I don't agree with Soros politics or his dirty approach to politics, but I think he's a great answer to the question: "Well, how can such a smart guy not believe in freedom and capitalism?" It's sort of like "How can a smart guy believe in some organized religion?"

I think the nerdy answer is it's a design choice. You make a very high-level design choice... I believe in "X"... and off you go. Everything gets extrapolated from there. I know that's simplistic, but you see it all the time. The design choice for Soros: You can't trust capitalism (or people, or freedom), so you've got to do something else.

QOTD2
"I panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes. I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away. I don't always make the right decision. I sometimes cut my losses when I shouldn't."
- Soros commenting on dealing with crazy price fluctuations in an asset bubble
Panic. Then get over it. Excellent.

OK, last one... QOTD3
"You can have a muddle-through replay of the Japanese scenario, 10 years of stagnation."
- Soros on the current state of the US stock market
I am very much in agreement with this as a possibility. We're 8 years now (8 fucking years!) from the high in the S&P 500 (just over 1,500 in March 2000). This goes virtually unreported. Where will we be in 8 more years? You got me, but if it's 2016 and the S&P is around 14-15-hundred, I don't want to be scratching my head going, "Wha happen?"
run faster... yow, bill

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