The big question is: When will the term structure of interest rates change? That's the question to be worried about.

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.

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

You're fighting to a stalemate between those people worried about interest rates and high valuations and those people excited about truly good earnings. I think you're going to be in a trading range for most of the summer until some event that we don't yet see takes us out of that - either the Fed stops raising (rates) or there's bad inflation news.

Credit is a promise to deliver money. It will produce GDP but you'll create credit... So you reach a certain point that that you can't do that anymore... There are choices. And how do we best support, apportion the money? How much is going to be transferred?