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

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.

We've seen that in the past that where you've had uncertainty, and even where the Fed is raising rates, Treasurys rise as everybody heads for safety.

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

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

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

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.