1. Higher rates for longer
"We're going to have to learn to live in an environment with higher interest rates, and 15 years [of 0% interest rates], that's a generation of traders, a generation of finance practitioners who don't know what interest rates mean. So welcome to a new era.""The whole structure needs to tumble. [It needs to tumble like 2008] probably because systems don't correct themselves without some kind of a little bit of pain. The risk is right there.