Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.

When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.

Whenever I read the newspaper, I say to myself, 'At least my wife loves me.'

If financial assets no longer work for you at a rate far and above the rate of true wealth creation, then you must work longer for your money.

I am tough but I have a soft side.

Imperceptibly, the developed world's manufacturing base was gradually eroding and being replaced by securitized finance that destroyed itself and nearly its economies in 2008.

You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses.