Stanley Druckenmiller

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.

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.

The historical novelist has to consider what has actually happened, while the SF writer is dealing in possibilities, but they are both in the business of imagining a world unlike our own and yet connected to it.

Though builders may build, in the main they follow the plans of architects. Teachers teach, but they must have a text. Politicians govern, but only upon the flow of commentary that raises them up or casts them down.

Leverage is great when it works, and when it doesn't work, it creates a lot of issues. So I think if you limit the amount of leverage that people can borrow, or that banks can borrow, I think you'll find that you'll have a lot less issues going forward.