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.

Nobody in my generation ever started out in private equity. We got there by accident. There was no private equity business - actually, the word didn't even exist - when I started. I got there out of the purest of happenstance and so I think many people find what they really enjoy doing just in that way. So another piece of advice for you is: don't worry too much about what you're going to be doing when you get out of business school - life will come your way.

Every deal is a regulated deal. Regulators will tell you how to take your money home.

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.

Private equity capital in each of those markets Europe and Asia - while those markets have very different characteristics - fills a niche where either strategic investors or the public markets don't go, or don't want to go for some particular reason. I think that's going to continue to be the case going forward.