Anyone that makes me a quarter of a billion dollars, I like.

Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.

Im a cynic about corporate democracy and boards.

I believe there are and will be major opportunities to enhance Time Warner's value in future combinations.

Now the guy that got to the top, the CEO, would obviously be stupid to have a number two guy who was a lot smarter than he is. So by definition, since he's a survivor and he got to the top and he isn't that brilliant, his number two guy is going to always be a little worse than he is. So, as time goes on, it's anti-Darwinism, the survival of the un- fittest.

In life and business, there are two cardinal sins, the first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.

Yellen’s comments suggest, and I agree, that we are in an asset bubble.