Once you start doing something bad, then it's easy to take the next step - and in the end, you're a moral sewer.

It's a good habit to trumpet your failures and be quiet about your successes.

In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.

There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.

In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.

Someone will always be getting richer faster than you. This is not a tragedy.

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.