We will only do with your money what we would do with our own.

My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

I know the country works extremely well. You know, but when it isn't clogged up.

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

Activity is the enemy of investment returns.