I think that the first thing is you should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.

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.

A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.

Nature is a machine. The family is a machine. The life cycle is like a machine.

Nature is a machine. The family is a machine. The life cycle is like a machine.