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

Yes, we're in a protectionist era because when you have lack of domestic growth, everybody tries to unload the problem on foreigners with protectionism, devaluations, cutbacks on imports. But is there going to be a dramatic change? TPP is dead anyway, and similar deals in the eurozone are going nowhere.

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

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.

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.

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.