I've always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive.
From Stanley Druckenmiller
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.
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.
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.
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.
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.
If you're running a business for the long term, the last thing you should be doing is borrowing money to buy back stock.
Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery.
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.
Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.
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