Arbitrage

But you took a huge bet

on the housing crisis

in the middle of the biggest boom

in housing

anybody has ever seen. Why?

I'm a child of the '50s.

My father welded steel for the Navy

and my mother worked at the v.A.

They lived through the Depression,

Pearl Harbor, and the bomb.

They didn't think that bad things

might happen.

They knew that bad things would happen.

Is that what's happening now?

When I was a kid, my favorite

teacher was Mr. James.

Mr. James said world events all

revolve around five things.

M, O, N, E, Y.

This is freshman econ?

No, it was a fifth grade econ.

But this is something we've seen

over and over again.

Time and time again.

The competition for this limited

amount of dollars out there

can make the best of us manic.

So it's not surprising that we have

these asset bubbles.

But when reality sets in, of course,

they burst.

As worries over the pace of

economic growth here at home

and geopolitical turmoil weighed

on the broad averages.

Commodities continued a historic

run-up in price.

Take a look at the dramatic move

in copper prices, for example.

As that once quiet market has

become a hotbed of activity.

You're disappointed.

Quants?

Derivative structures?

What was that about?

It makes no sense.

That's what you said last time.

Why'd we go down there?

- To sign.

- To sign?

- Did we sign?

- No.

No, we did not.

Instead, I flew 2,000 miles

for a marketing meeting.

Where was Mayfield?

What's this emergency?

What was that about?

You speak to the auditors?

Why?

What if we don't sign this week?

See you, bye.

Look who's here!

Wait a minute! How'd you know

I had something there?

No fighting! No fighting!

- We had to start. The kids were starving.

- That's okay.

Dad, it's your birthday.

You're spoiling them rotten.

It's my job! You guys turned out fine.

Debatable.

- How you doing, Son?

- How'd it go?

Where's my drink? This is mine here?

Happy birthday!

Hey, kids? Come on.

I need some help. I can't do this by myself.

First of all you've got to make a wish.

Make a really good wish.

Can you help me out?

Wish and then we go on three.

What are you going to wish for?

One.

Two. Three.

Awesome!

- Speech. Speech.

- Thank you. Thank you, thank you.

Thank you all very much.

It was such a surprise.

I didn't even know it was my birthday.

What did Mark Twain say about that?

He said, "Old age

is clearly a case of mind over matter."

"If you don't mind it doesn't matter."

I've done a lot of things in my life.

I've worked very hard.

But being here, looking around

at all these shining, radiant faces.

I know that my best work is right here.

In this room right now.

I'm deeply proud of all of you.

And that's the best gift your mom

and I could ever hope for. So thank you...

And to have sold the company

to Standard this morning.

Yes, that's true.

But no business tonight. No business.

Although your one-pointed mind

assures me that you have

not only your mom's genes,

you've got mine, too.

I know it's very uncharacteristic of me,

but I just want you to know

that it's probably taken these 6O years

for me to really understand

what's truly important. And that's you guys.

So, I love you all very much.

I'm not gonna lie.

I'll take a big piece.

You can wait.

You can wait a little while longer.

I just don't know about me as a mom.

No, no, no. You should have.

I want more kids. Everywhere.

I want more yous around.

It's all about you, isn't it? Four and 19.

All right.

So, what was that all about?

What?

The last time you gave a speech like that

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