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

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

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

Prices are always lower when the troops are in the street.

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

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.