The other kind of market like technology is healthcare. Nobody likes the healthcare industry, but on the other hand, everyone wants to live longer. The way I look at it, there's going to be tremendous pressure with healthcare as a percentage of GDP rising with new technology, an aging population, and a business model that basically keeps people alive longer to consume more healthcare products.

Being flexible is incredibly important. You can change your mind. I understand not wanting to flit around, jumping at something little, but you also need to ask yourself if the reasons you're in an investment are still the reasons you should be. It's hard for your ego and it's hard to call clients, but you have to do it.

The other kind of market like technology is healthcare. Nobody likes the healthcare industry, but on the other hand, everyone wants to live longer. The way I look at it, there's going to be tremendous pressure with healthcare as a percentage of GDP rising with new technology, an aging population, and a business model that basically keeps people alive longer to consume more healthcare products.

The fact that the bond market is rallying today is a plus. If this ends up being a bear market, it will be one of the first ever that began when interest rates are down.

I always think of the economy as going down a pretty broad road that has mud on either side - for inflation and deflation. What hurts the market is when we unexpectedly swerve into one of those mud banks.

I think people are complacent. But complacency is like any other metric. It's easy to measure where it is, but it's hard to tell how persistent it is. What causes really big bear markets is not just when people are overly complacent - it's when that complacency is sticky. As long as the skepticism can refresh itself, I think that the markets are still quite viable.

Both cream and scum can rise to the top, unfortunately. This lower-quality stuff that's going higher isn't doing it on fundamentals.