Still follows markets closely but enjoys freedom from urgent business demands.

Algorithmic trading removes human emotion; AI is a continuum of technological advancement.

AI is a parlor trick for personal use; companies will initially add headcount to run old and new systems in parallel.

Worried about opaque, illiquid assets like private credit where marks are hard to test.

We are in the late stages of the cycle; a reckoning is due.

Consequences of losses for retirees are more dramatic politically; firms should be very cautious extending into this sector late cycle.

Best analogy is late cycle; crises rhyme. The thing we fret about is less likely to happen because we're moderating risks.

Leadership must encourage risk-taking after losses without punishing legitimate mistakes, akin to a flight attendant staying calm in turbulence.

Goldman preserved partnership culture surprisingly well; public markets care about earnings stability (P/E multiple), not just long-term capital accretion.

Declines to comment on specifics but argues generically that firms must support people if they believe unfairness is occurring; cutting and run sends a bad signal to the organization.

Companies shouldn't be blue or red; should take positions only on issues core to their expertise or affecting their employees' ability to work.

Generally skeptical of government ownership; strength of US economy is decentralized decision-making and rapid correction of mistakes.