I love to try to understand first principles and be guided by that. But then, enrich them, because they won't last forever, just like everybody thought Newton had all the answers. And you probably read that, in the last of the 19th century, Harvard and others were discouraging people from going into physics because we have all the answers. And right after that, of course - we have - all this stuff is thrown out the window. And now we have whole new answers.

I try to build on our management philosophy. I try to understand what the threats and opportunities are for us. Uh, I try to make sure that we're driving innovation and creative destruction hard enough so we're not blindsided, and that our attitude is to, in starting any initiative, any business, is to focus on how we can create value for others, rather than how we maximize profit, because you can make money focusing on, "How do I maximize profit?"

A market system is not a profit system, it's a profit-and-loss system.

If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.

Success is one of the worst enemies of success, because success tends to breed complacency and lack of humility.

I agree with George Washington's concern about parties: They become an end in themselves, rather than being committed to helping people improve their lives.

I don't believe in a plumb line. I believe in the exchange of ideas.