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

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

If Hillary [Clinton] is elected, is she going to be able to jack up taxes with virtually no deductions, and include capital gains? Unless democrats have a clean sweep of Congress, I don't think that's going to happen either.

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.

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

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.

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