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I've been through periods of stress, turbulence in the market for over the course of my career, various times, and never in any of those other periods have we had the advantage of a strong economy underpinning the markets.

The markets are efficient over time.

As discomfiting as it is to both market optimists and policy activists, a certain amount of instability is inherent to the economy.

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

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

The markets are much more interested in America's long-term trajectory than they are in feeling that there is an acute short-term crisis.

It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.

As an observer of markets - whenever everyone focuses on one thing - like Greece and Europe - maybe they miss issues that are far more important - such as a meaningful slowdown in India and China.

We escaped the last big bursting of a bubble - the dotcom bubble - with a relatively light U.S. recession. On that occasion, the world economy found its way back on track fairly quickly.

Obviously, no one knows when the market is going to bottom out, and I am certainly not an economist.