If you look back historically at the post-WWII period on average, if you get a 100-basis-point increase in Fed funds, the spillover to the ten-year is only 35 basis points, and 25 basis points into the 30-year - it's a fairly small spillover effect.

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

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

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

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

Bloomberg TVThe one thing I think is likely to happen under either candidate is massive fiscal stimulus. You have so many voters in Western Europe and North America who've had no real income growth for over 10 years, and they are, in the words of Howard Beale, "Mad as hell and not going to take it anymore."

Let's say [Donald] Trump wins. Is Congress going to let him build a wall on the Mexican border? I don't think so.