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I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.

I can never predict what the markets will do. Sometimes it does the exact opposite of what I would have expected.

I think the market is always going to be around. The goal is not to say, let's get rid of the market, because the market does render a huge number of services, and I don't want to have a fight about the price of something every time I buy a book or a bottle of water.

Markets are frequently ahead of, and often out of sync with, the economy.

The market always, in theory at least, looks ahead. And it's always trying to take in every bit of information that it can as quickly as it can. You don't really care so much if the company made a dollar last year; you want to know what it's going to make this year.

The market, as we're all painfully aware in the aftermath of the banking crisis, can be an idiot. It has no perception of right or wrong, or even sensible or insane. It sees profit.

Today the financial market is no good, but the money is there.

We really believe in the earnings. We're very proud that often we do well in the down market. But you know, there are some markets where they just lose liquidity, like 2001, 2008.

Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can.

I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy. You won't get there by reading 'Now is the time to buy.'