We Invested In The Downturn

And If You're Going To Be A Leader, You Know What I Ask Myself? Would I Want To Work For You In This Job? Would I Let My Children Work For You? Would I Give You This Job If I Wasn't There To Provide Oversight? If You Went To Run Another Company, Would I, As An Investor, Invest In That Company?

I Always Tell People, "there's A Book On Everyone." I Get Some Of That Book Before I Do Anything. If I Want To Deeply Understand Someone's Reputation, I'll Talk To Their Friends, Their Former Bosses, Their Peers, And I'll Learn A Lot About Them. I Want Them To Be Trusted. I Want Them To Be Respected. I Want Them To Give A S - -. Then There Are The Intangibles: Physical And Emotional Stamina, The Ability To Confront Issues. I Can Ask All I Want About Those Things, But I Also Have To See A Lot Of It.

My Father And Grandfather Were Stockbrokers, And They Would Actually Take Stock Certificates From A Vault, Give It To A Runner, And Send It To Another Vault. Then Somebody Said, "let's Digitize It And Have One Vault." Now The Dtcc Clears And Settles Almost Everything, And The Cost Of Doing A Trade Is A Tenth Of What It Was Before.

Because Of That [brexit], You're Going To Have Slow Growth And, Unfortunately, While There May Not Be Huge Volatility, There Will Be Volatility.

[that Is] Hard To Predict, [it] Could Be Either September Or December [2016] I Personally Think The Sooner The Better Because That Would Be A Good Sign That The Fed Believes The Economy Is Significantly Stronger.