Constantly probe the people who report to you, and encourage them to probe you.

What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced.

Imagine if you had baseball cards that showed all the performance stats for your people: batting averages, home runs, errors, ERAs, win/loss records. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way.

He who lives by the crystal ball will eat shattered glass.

It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.

I think so many people are reactive... they see things in a short term way they're right up against it.