A laser producing high energy ultrashort laser pulses comprises a normal dispersion segment, a gain segment, an anomalous dispersion segment with negligible nonlinearity and an effective saturable absorber arranged to form a laser cavity. Each segment is optically interconnected so that a laser pulse will propagate self-similarly therein. (A pulse that propagates in a self-similar manner is sometimes referred to as a "similariton.") With this laser the limitations of prior art laser oscillators are avoided. Also provided are means for pumping the gain medium in the laser cavity, and means for extracting laser pulses from the laser cavity. The laser cavity is preferably a ring cavity. Preferably the laser is configured to achieve unidirectional circulation of laser pulses therein. This configuration is scalable to much higher pulse energy than lasers based on soliton-like pulse shaping.