America is dangerously over-equitized at 252% of GDP
“When you say are we in a bubble, I don't know if we're necessarily in a bubble. We're clearly so leveraged in equities in this country. We're so dependent upon firm equity prices at this point in time. And when I say leveraged, we're 252% of stock market cap to GDP. So 1929 we were I think at the top we were 65%. And then in 87 we got to about 85 or 90%. Then 2000 we got to 170% and now we're at 252. 35% on 250% of GDP is 80 90% of GDP the reverse wealth effect oh my gosh 10% of our tax revenues or capital gains they go to zero so you can see the budget deficit blowing up.”
“She gives me a GP. The GP, a general practitioner. So she makes me go in. I see the guy and uh this guy's 83 years old. And I say to him, "You're living here in the land of the walking dead. Everyone here is basically fossilized. Um, what is the secret to longevity?" And he goes, "It's real simple. You retire, you die." And that had a really profound impact on me because I realized as I get older, and maybe when you get older, you will too. Boy, you better. If you don't use it, you're going to lose it.”
Journalism 101 should be mandatory in every college
“I have long maintained that better than a business school degree. Journalism 101 should be mandatory subject in every college which is newspaper writing in particular. What newspaper writing does is it teach teaches you you have to write where the conclusion comes first. So unlike writing something and then at the end we get the story here the end comes first and you have to write it with this incredibly rigid discipline so that every succeeding thing that you write the most important part is in the first sentence of the first paragraph. There's that old saying, if you can't tell your story in 15 seconds or less, no one's going to listen.”
At the end, you remember who loved you, not the trades
“I'm not going to be thinking about the 87 crash or or Bitcoin. I'm going to be thinking about who I loved and who loved me. That's what I'm going to be thinking about and what kind of relationships we had and what kind of times we had. I think the professional aspects are these great tools that allow you to do more meaningful things and the things that count which is what have you done with your family? What have you done with your friends? How have you served others? What have you done to leave a legacy of uh happiness and betterment and goodness to the people that you've been privileged enough to come in contact with?”
“My mother used to always say, uh, and I think this is what this country really needs right now. You've just got to kill them with kindness. So, you're going to wake up someday it's going to be terrible. You're going to be in a bad mood. There's going to be something on TV that's going to make you angry. And particularly in these times right now, my gosh, when everyone wants to demonize the opposition, I think we've got to realize it doesn't have to be that way. We can humbly uh devote ourselves to finding the kindness within ourselves and the goodness within ourselves and transmit that to somebody else during that day. I think that's I think that's the secret to happiness.”
