I think the people who've been the most overconfident in our business in the last decade have been the people that called themselves risk managers.

The reason is they failed to learned the primary lesson we should have learned from when Long Term Capital Management went belly up ten years ago. That is, investments that seem uncorrelated can be correlated simply because we're interested in it.

Credit cards have been extremely profitable to banks. They're profitable not from the fees they collect from the retailers that use the credit cards, that pays the bills, but the real profits come from the interest payments and the charges to users that are unexpected.

My mantra is if you want to help people accomplish some goal, make it easy.

I think we also have learned the lesson that we have to have better incentive structures.

Recall that people like to do what most people think it is right to do; recall too that people like to do what most people actually do.

I don't go by the ratings. I buy wine that tastes good. Statistically, anybody's ability to predict what will be a good wine a decade from now is limited.