Warren Stephens — American Businessman born on February 18, 1957,

Warren Amerine Stephens is an American businessman. He is the Chairman, President and Chief Executive Officer of Stephens Inc., a full service, privately held investment bank. He lives in Little Rock, Arkansas... (wikipedia)

In our experience, what we have found is the rare commodity is a good management team. And good management teams manage through good and bad cycles and manage to grow their business over a long period of time.
One of the industries we follow very closely is the trucking industry. They would love if today there was an option for them to run their fleets on natural gas, because of the price disparity between oil and refined diesel - which they almost exclusively run on now - and natural gas.
Owning equities is an essential part of anyone's portfolio. You just can't ignore it over time. It's going to add the real pop to anyone's overall performance.
Underwriting is probably the smallest part of our business.
We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.