When you're faced with a choice, you have one of three choices that you can have. You can have those with power decide. You can have one man, one vote. Or you can have believability-weighted decision-making.

The economy is like a machine.

When growth is slower than expected, stocks go down. When inflation is higher than expected, bonds go down. When inflation's lower than expected, bonds go up.

This is my year of transition from what I'm calling the second phase of my life to the third phase of my life. And I wanted to pass it along. What I mean by that is, in the first days of your life you're dependent on others and you learn. You're basically a kid, depending on your parents. In the second phase of your life, you're working and others are dependent on you and you're trying to be successful. And then when you go to the third phase of your life it's no longer as much of a kick to be successful. There's a natural, instinctual desire to help other people be successful.

I think it is in the nature of individuals and individual entities not to self-correct.

The most important thing you can have is a good strategic asset allocation mix. So, what the investor needs to do is have a balanced, structured portfolio – a portfolio that does well in different environments…. we don't know that we're going to win. We have to have diversified bets.

You have to put yourself in my shoes as a person who believes in radical truth and in being radically transparent, not in seeing things through somebody else's eyes.