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" Shipping has a great oversupply of vessels that came from over-ordering a few years back. We think 2014 may be when it turns around. "

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" If you think about it: a big bank in any country, what is it? Really, as an investment, it's a warrant on economy. "

" There are deep value opportunities in insurance stocks, which were beaten down because of their exposure to the subprime crisis, annuities, and commercial real estate. "

" Confrontational things, admission of error, admission of defeat, restructuring, laying people off - those are not American ideals. "

" I think at the end of the day, the real sick man of Europe is liable to turn out to be France, not Greece, not Portugal, not Spain, not Italy. The reason is France is very uncompetitive to begin with on a global scale, and the measures that Hollande has been putting in have been very, very negative from the point of view of economic growth. "

" Part of the reason why I'm supporting Trump is that I think we need a more radical, new approach to government - at least in the U.S. - from what we've had before. "

" I believe if we and the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot. "

" Absent some international interruption, there's no real justification for oil being more than $90 or $100 a barrel. "

" There's trade, there's sensible trade, and there's dumb trade. "

" Everybody talks about tariffs as the first thing. Tariffs are the last thing. Tariffs are part of the negotiation. The real trick is going to be increase American exports. Get rid of some of the tariff and non-tariff barriers to American exports. "

" I still like TIPS (Treasury inflation-protected securities), and I think a big opportunity is coming in the municipal bond market. "

" Ships are a strange kind of commodity because they're very lumpy, very big individual units, but they're commodities. "

" Between the Community Redevelopment Act, requiring banks to make what I would call very weak loans, and specific quotas that the Congress imposed on Fannie Mae and Freddie Mac, that created the market demand that really led to the subprime phenomenon. "

" I think partly the decline in the peso was due to worry about renegotiation of NAFTA, but I think we also need to think about some other mechanisms for making the peso/dollar exchange rate a bit more stable. "

" We're in a trade war. We've been in a trade war for decades. That's why we have the deficit. "

" Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators? "

" The one term I don't like to be called is a 'vulture.' Because to me, a vulture is a kind of asset-stripper that eats dead flesh off the bones of a dead creature. Our bird should be the phoenix, the bird that reinvents itself, recreates itself from its ashes. And that's much closer to what it is that we really do. "

" If you add up all the promises any politicians makes, the math doesn't work. "

" We'll be aggressive on trade because we know that deals that have been made historically have resulted in the great loss of manufacturing jobs, a great amount of closed manufacturing businesses. We don't want that to continue. "

" The fundamentals are the U.S. is going to end up being a net exporter of natural gas. That's going to be wonderful to help our balance of payments, reduce our dependence on a lot of countries that aren't so crazy about us, and change many, many parts of what goes on here. "

" China is the most protectionist country of the very large countries. They talk more about free trade than they actually practice. "

" The typical big Japanese company has somewhere between a third and 40 percent of its revenues coming from developing countries, and about a third of Japan's exports are also to the emerging countries, so in a strange way, Japan, which has very little internal growth, its big companies are a good way to play the emerging markets. "

" We are the world's biggest importer. We need to treat the other countries as good suppliers. "

" There isn't a bank in the world that could withstand a run. They all borrow short and lend long, regardless of what they say. "

" We think, over the long term, the real key to value of a bank is does it have true deposits from true long-term customers? People who actually know the bank, live in the neighborhood, work there, maybe have a mortgage there, credit card... That, to us, is the key to a bank. "

" I believe in the two-party system. "

" I think it's natural for any manager to want to grow his business. The question is at what rate, and in what direction, and in what format? "

" NAFTA is an ancient treaty. "

" My obligation is to disclose companies in which I'm an officer, a director, or an investor. "

" The E.U., China, and Japan all talk free trade, and they all practice protectionism. "

" If people know you have the big bazooka, you probably don't have to use it. "