When you're in a commodity business, the only way to thrive is to be a low-cost producer. And when you're selling money, you're in a commodity business.

When you're in a commodity business, the only way to thrive is to be a low-cost producer. And when you're selling money, you're in a commodity business.

The goal [is] not only to earn high returns at the top of the cycle but also to avoid giving them back at the bottom.