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If you rank the top 50 one-day moves in the S&P 500, a fair number of those happened within the last five or 10 years. That tells you that we're in a different, riskier market now.

I've been investing in the stock market for 27 years and, within that time, have helped investors beat the market nearly four to one.

My advice to the average investor in 1988 is to be patient and think long-term. It will take 18 months for confidence to get better and, in the meantime, this is absolutely no place for short-term money.

We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.

If you're indexing to the S&P 500, you're buying the most expensive names in the market.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

One thing on psychology, which we've always known, is that every investor says they're long-term - and they are until the market takes a hit.

The press is still investing itself, it seems to me, in a sort of cynicism. It comes out better for them if they can predict hard times, bogging down, sniping, attrition.

I think businesses live longer that are on the stock market.