You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.

There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .

I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.

I hate gold. It does not pay a dividend, it has no value, and you can't work out what it should or shouldn't be worth," he said. "It is the last refuge of the desperate.

I think I'm right-brained, incapable of managing my way out of a brown paper bag.

At least us old men remember what a real bear market is like, and the young men haven't got a clue.

If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.