There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.

When growth is slower-than-expected, stocks go down. When inflation is higher-than-expected, bonds go down. When inflation is lower-than-expected, bonds go up.

Nothing is invented and perfected at the same time.

I'm very particular but very thrifty at the same time.

There are two main drivers of asset class returns - inflation and growth.

You can't go forward and backwards at the same time.