When governments are selling, you should be buying. And when governments are defaulting, we should look at that as an opportunity.

Some of the very best private equity people, in my experience, are people who start out as stock pickers - people who really understood value, how to take a company's financials apart and couple that with good judgment about businesses, macro trends, and where things are going.

A good default, like Portugal or Greece, would be very good for the private equity business.

When governments are selling, you should be buying. And when governments are defaulting, we should look at that as an opportunity.

Generally speaking, you like to dance with the girl that brung you, and if you can't sometimes you have to shoot her.

The private equity world is a relatively small one. There are currently probably a few thousand professional jobs worldwide. In private equity, that's probably about all there is. So in the scheme of things, the firms are all relatively small.

Don't do something you don't like. Look for a job that makes you excited to get up and go to work everyday.