Nouriel Roubini

I believe investors should invest for the long run, so I don't buy and sell. I usually maintain the classic index of global equities, diversified U.S. and global and emerging markets, and when the risk is larger, I diminish the amount in global equities and put more into liquid assets - but very irregularly.

The U.S. has been living in a situation of excesses for too long. Consumers were out spending more than their income and the country was spending more than its income, running up large current-account deficits. Now we have to tighten our belts and save more.

The thrill of a photo-realist painter is if you get really close to the painting, it looks just like a photograph. Whereas in my case, if you get close to my paintings, they totally fall apart - so I'm about as far from a photo-realist as it gets.