You’ve said, “Time is the death of all bubbles.” What do you mean by that and what is the underlying risk facing investors today?

When I say, “Time is the death of all bubbles,” what it means is that people over time get more and more awareness that it really is just a bubble…and that’s when you start to need protection more and more. I don’t know exactly if it’s tomorrow, or a week from now, or whatever, but when you see the fact that people are getting skeptical, as many people are, about what’s going on with the world economy now that everybody is printing money–Europe, Japan, and the U.S. and I think the U.S. will be printing money again soon. I don’t think we can go very long without it. You’re going to find that that’s when people start to get worried. One or two years, they don’t worry. Three years of printing, they don’t worry too much, but five, six years and other countries going in–What’s going on here? We never had this happen before. This is truly unprecedented and not just in the U.S., but around the world. In that period of time, somewhere people start to get worried. It isn’t necessarily a black swan or an immediate trigger, but just a change in psychology and it just starts to go. Just like the Internet, there wasn’t a black swan in March of 2000 when the Internet popped. There was a change in psychology and it just went over. So, you have to be careful. You have to be ready.