The Cycle in Attitudes Towards Risk

In our view, capital availability is one of the most important things to investing into the types of things that we do. If there's too much money chasing assets, prices go too high; if there's too little, they're often better. And when I look at extremes of the market that I've lived through, and if we called them right and acted right as a consequence, I think those calls were always based on where did we stand in the cycle of attitudes towards risk? That along with what Bruce said before, the importance of the cycle of credit availability, those two things really dominate market positioning.