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" Every time I get accustomed to low volatility, like we were towards the end of the Greenspan era, and we think we have all the levers under the control... something erupts to remind us that the idea that anybody is in control of everything is hubris. "

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" It's very hard to go out and make big investments to take advantage of the shale energy if we don't know if it's always going to be there, what price it's going to be there, whether the country's going to allow it to be exported, or whether it's going to go and affect subsidized U.S. manufacturing. "

Lloyd Blankfein

Manufacturing

Energy

" The U.S. is not pure capitalism. In fact, there's no place for pure capitalism, unregulated capitalism. We have a regulated system. "

" In 2007, in the early 2007, everybody saw the housing market was falling, and at any given moment a lot of people thought it was going to fall more, and a lot of people thought it was going to rebound. You just didn't know. "

" If you do something really well, the entire world beats a path to your door. The number three, number five, number 400 player gets nothing. It's almost a winner take all. "

" When yields on corporate bonds are lower than dividends on stocks, that unnerves me. "

Lloyd Blankfein

Than

Stocks

" We certainly had an upheaval at the start of the Great Depression, and that resulted in a lot of financial reform, but it wasn't done in one stroke, and it wasn't done immediately. The Depression was in 1929 and resulted in the Securities and Exchange Act of '33, '34, '35, '37, '39, and '41. "

" Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It's a virtuous cycle. "

" I always thought that a prep school was what some people went to after high school to prepare themselves for college. "

" I started out as a lawyer and came in laterally to Goldman Sachs. So I learned myself that life is unpredictable. That you really should, in terms of your career, try to be excellent at what you're doing. I think if you focus on your job, and you focus on being broad in the context of your job, the next jobs follow from that. "

" No one at Goldman Sachs gets paid out of his or her own P&L. It matters how your business is doing, but it matters more how the firm as a whole is doing. "

" I don't look forward to a time when every politician, every legislator goes to Washington absolutely committed to an extreme point of view. Elected representatives are sent to Washington to compromise, not to never compromise. "

" All you can do is the best you can do. "

Lloyd Blankfein

You

Best

" Maybe bitcoin is a kind of a bubble. I don't like it. I'm not comfortable with it. I'm kind of an old dog to be absorbing that kind of a new trick. "

" I am one with the popular culture. "

" At the end of the day, it's not a normal condition to have interest rates at zero. "

" I've learned over the years that there's a lot of things that work out pretty well that I don't love. "

" If you had asked me, did I have everything nailed down and wired about what I wanted to do, and was I following some real plan? No. In fact, by the time I was in my mid-20s or even late-20s, and I was still in the law firm, I really was starting to get a little nervous that I didn't know what I was going to do. "

" I always had a lot of confidence in my ability to gauge a situation and people and try to understand them and what they were saying and what their context was. "

" You have to, in your own life, get people to want to work with you and want to help you. The organizational chart, in my opinion, means very little. I need my bosses' goodwill, but I need the goodwill of my subordinates even more. "

" We've had this program for a number of years now, called 10,000 Small Businesses, where Goldman Sachs has convened a group of partners to basically give business education to small business owners. "

" Too much of the GDP over the last generation has gone to too few of the people. "

" To the extent I bloomed, I'm a late bloomer. "

" As CEO of a big company, I have to be a kind of a champion of the interests of our people as insofar as their ability to do their job, to feel comfortable in their work environment, and to be able to fulfill their ambitions. "

" Change is often the agent of progress in ways we can't always readily see in the early days. "

" You can look at history of these things, and Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career... So there will be things that, you know, the retirement age has to be changed, maybe some of the benefits have to be affected, maybe some of the inflation adjustments have to be revised. "

" I'm the chocolate chip cookie king of the world. "

Lloyd Blankfein

Chip

Chocolate

" You can see that all these people who did really great things failed six times or didn't get going until they were much older. I think that's much more instructive and educational. "

" Let me tell you, there's very few places where I don't have an agenda. "

" Mysterious can be cool, if you're in Hollywood and everyone's happy. But it can be really bad if people perceive that the financial interests are adversarial, that there's money versus people. A lot of Goldman Sachs people went into government, so at a time when there's a distrust of institutions, some of that reflects on us. "

" Businesses will ultimately go where the markets and opportunities are. "