These kind of bubbles are something that everyone participates in. That's why they are bubbles.

Capitalism requires a structure and value system that people believe in and can depend on.

Stock options have failed abjectly to do what they were ballyhooed to do.

I've never seen fear take over like this in my whole career.

In the long run it's something everybody will be doing because it reduces costs.

We've let the investor down in a great bull market.

Jack Brennan is the best person I could possibly have found.

[Mutual funds] don't last as long as you would expect; for example in the 1990s over 50 percent of all the mutual funds that have been in business during the decade are no longer here, ... If you invest in a firm you want to hold it long-term, but if the fund doesn't exist your option is nil.

I knew if the board was gracious to me, I'd respond with similar grace. Board membership isn't that important to me, and this was the most peaceful, decent thing to do.