Investors aren't willing to accept the idea that we're in an era of lower returns.

We're in a pretty tumultuous world, and there's a lot of uncertainty. Treasurys are where people go as one of the few safe havens in the world.

The Fed wants to raise rates because they've been yelling and screaming about it. They've been crying wolf for so long that their credibility is shot, and I think they feel they need to.

OPEC production went from 30 million barrels a day to 33 million. They flooded the market, and it's lost them a lot of money. Look at the Saudis: they just floated a $17.5 billion debt offering, they earlier borrowed $10 billion from a group of international banks; they're selling part of Aramco - they're desperate for money.

Treasurys, as low as yields are, are higher than they are in most other developed countries.

TPP is dead anyway, and similar deals in the eurozone are going nowhere.

[Niccolò] Machiavelli said it's better to be feared than to be loved.