“When I was a young man working 14 hour days, I traded using outrageous and terrifying leverage. I was either very lucky, very smart or very dumb. That’s what terrifies people about commodities. Commodities themselves are no riskier than stocks. A stock on margin has more risk than a commodity fully paid for. It’s all about the degree of leverage.”

Interview, February 2005

Adopted from Wikiquote. Last update June 3, 2021. History

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American writer 1942

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