Soros has taught me that when you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig. It takes courage to ride a profit with huge leverage.
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The way you create deflation is you create an asset bubble.
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In my experience, the more successful an idea is, the easier it is to fund it. In philanthropy, it's almost harder.
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In my experience, the more successful an idea is, the easier it is to fund it. In philanthropy, it's almost harder.
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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.
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With my business, the way you make big money is you find a great management team and a good concept, and you stick to it, and you add to it over time. In philanthropy, there was more this idea that once an idea was formulated, you moved along.
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I have given myself a Tesla for my 60th birthday.
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I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill.
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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.
