I've always been a guy who comes in not being guaranteed a spot and always fighting for a spot. Any time you're in a camp, and you're not a big money guy, you're always going to be competing for a job.

The single greatest line I ever wrote as an analyst was after Lomas said they were hedged: 'The Lomas Financial Corporation is a perfectly hedged financial institution: it loses money in every conceivable interest rate environment.' I enjoyed writing that sentence more than any sentence I ever wrote.

Deutsche Bank has a very simple problem. It doesn't make money.

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