The only thing that is ultimately real about your life is that it is lived.

Once in a while the phenomena we exploit are particularly present. We like a reasonable amount of volatility. In our business we want some action. “Tumult is usually good for us. We don’t have credit lines of any significance. We don’t do a lot of leveraged-type financing.

大萧条是20世纪历史上的一个决定性时刻，理解其原因和后果仍然是经济学家的一项重要任务。