In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.

That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.

Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.

What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.

The degree to which society creates wealth, I think, is largely determined by government and financial systems.

To have longevity in this business, you have to reinvent yourself. You can't keep doing the same stuff. Sometimes I've turned down stuff and lost money.

The rich stick together; the poor and the marginalised are thrown together.

The British system denied any role for human creativity, and instead argued, that if man merely followed his hedonistic desires, pursuing pleasure and avoiding pain, objective laws would naturally guide society to achieve the best allocation of wealth.