Any year that you don't destroy one of your best-loved ideas is probably a wasted year

The investment game is getting more and more competitive.

Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.

There's more honor in investment management than in investment banking.

We want very good leaders who have a lot of power.

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end. (Laughter) I'm more optimistic about the staying power of what's good in this country. But just because you have a wonderful spouse doesn't mean you should treat her badly. You have the feeling that some of the old virtues [that made this country great] are lessening. But there's so much good and so much strength left that I would not expect this country to suddenly founder.