Once in a while the phenomena we exploit are particularly present. We like a reasonable amount of volatility. In our business we want some action. “Tumult is usually good for us. We don’t have credit lines of any significance. We don’t do a lot of leveraged-type financing.
If one only wished to be happy, this could be easily accomplished; but we wish to be happier than other people, and this is always difficult, for we believe others to be happier than they are.