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?

I think what the Fed fears is that, if Donald Trump gets big tax cuts and big spending increases that take effect right now, when the economy is close to full employment, they will have to raise rates more rapidly.

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 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.

I think that the feel that maybe China is slowing down means it will be buying less from Africa and Latin America. That means Procter & Gamble and Coca-Cola will sell less in Latin America and Africa. And so it is definitely related.

Chinese don't really believe in markets. They like stability, they like control.

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