On Wall Street, there is no "Wall Street"; there are individuals.

If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.

All our clients know that we're there, we're steady, we do a good job, we earn a fair return for ourselves, which I think is critical.

No one can forecast the economy with certainty.

Men, age 25 to 55, the labor-force participation rate is down 10%. That's unbelievable. There are 35,000 dying of opioids every year. Seventy percent of kids age 17 to 24 can't get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk.

Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

More people are working, lending is up and savings are up. These are all positive signs for a strengthening economy.