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

[Donald Trump] is so unpredictable that foreigners are going to look around and say "boy, we've got to head for the safe havens." And one of the safe havens is Treasurys and [another is] the dollar.

A [Donald] Trump win might be bad for stocks, but it would be very positive for the dollar and Treasurys.

If someone loves you, they can fall out of love with you but they're probably going to keep fearing you. That's where we are with [Donald] Trump.

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

Despite the recent conviction of many that we're headed back to inflation, I think deflation remains the more likely prospect. You've just got too much excess capacity in the world.

I said earlier [2015] year that I thought we'd get to 10 or 20 bucks [per barrel ] because that's the marginal cost, and when you're in a price war, it's the marginal cost that determines the price.It is a price war because basically the OPEC reason did not cut production in their November 2014 meeting was that they got tired of cutting production and having American frackers and Russians et cetera grab market share.