We still find very few [stocks] that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.
Americans also seem to believe that the monarchy is a kind of mediaeval hangover, encumbered by premodern notions of decorum; the reality is that the British monarchy, for good or ill, is a modern political institution - perhaps the first modern political institution.
I do have confidence that we're gonna be able to get it right. But it's not gonna be overnight. And there's no silver bullets to this. The fact of the matter is, is that we are suffering from a massive hangover from a binge of risk taking.