“I think that we are setting the stage with cash levels very high, with negative sentiment widespread for both the economy and the stock market -- I think we'll see a nice rally developing over the next six months, ... So I suspect investors -- if they've held on, I would encourage them to continue to hold on, and we might end up with a positive return in those sort of large-cap growth stocks that I specialize in by year-end.”
“[Still, not everyone was buoyant about the transition.] I don't think you're doing anyone a public service by doing this. I don't really view it as any kind of material generator of savings to investors at all, ... The markets were working perfectly well without it. Speaking as a professional investor, maybe there's an adjustment period, a transition period, and maybe in two months I'll say it was no big deal. But as of today, to me, I find trying to read the tape more confusing than it was before.”
“You are still years away from having any commercial products that are going to do anything for anybody. It's a great milestone, but it's just the beginning.”
