I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

People do, as long as you have markets, you'll have excesses.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse.

Derivatives are financial weapons of mass destruction.

We don't get paid for being busy, we get paid for being right.