If you don't have a set of principles that you can explain for what you are doing, then how can anybody know what you're going to do next?

The stock market was relieved that the Fed didn't sound tougher, and the stock market seems to figure that everything they like about Donald Trump will come true, and everything they're afraid of about Donald Trump will not come true.

I think the Chinese are really amateurs when it comes to running markets.

People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.

The only reason you would want your currency to fall, if you could control it, is in order to get more exports.

Nobody really knows what the market is going to do, but it sure looks like we are going to have a lot more volatility.

I think the one thing that's going on here is that people are saying, uh-oh, the Chinese economy might be slowing more than we thought and the government is having a hard time stimulating it again.