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. . .

Ridiculous as our market volatility might seem to an intelligent Martian, it is our reality and everyone loves to trot out the 'quote' attributed to Keynes (but never documented): 'The market can stay irrational longer than the investor can stay solvent.' For us agents, he might better have said 'The market can stay irrational longer than the client can stay patient.'

The potential for alternative energy sources, mainly solar and wind power, to completely replace coal and gas for utility generation globally is, I think, certain. The question is only whether it takes 30 years or 70 years.

You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?

We live on a finite planet. We have finite resources, and we're running out of good, arable land.

I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.

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.