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.

If people just put away what's left at the end of the month, that's a recipe for failure.

The lesson from behavioral economics is that people only save if it's automatic.

I think one lesson we have to learn is that there's a lot more risk than we're giving credit to, a lot more what economist calls systematic risk.

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.

I'm all for empowerment and education, but the empirical evidence is that it doesn't work. That's why I say make it easy.

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