I think the media argues all the time with itself.

Some people who are creative are not reliable and vice versa; some see big pictures while others see details, etc. All of them are important to have on well-orchestrated teams.

There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.

We don't have ways of resolving the arguments in idea meritocratic way.

What I'm trying to say is that for the average investor, what I would encourage them to do is to understand there's inflation and growth - it can go higher and lower - and to have four different portfolios essentially that make up your total portfolio that gets you balanced.

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.

Remember that experience creates internalization. Doing things repeatedly leads to internalization, which produces a quality of understanding that is generally vastly superior to intellectualized learning.