Being a good private equity investor is more complicated than it seems. I would say that there are a few characteristics that are important. If you look at the skill set that you need to ultimately be a successful private equity investor, at least at the senior level, you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments. If you look at the skill sets there, they include some things you can teach and some that you can't.

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

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.

I think that what we leave behind us is extremely important. I therefore spend a fair amount of time on the charitable front, and someday I hope to spend more time on it.

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.

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

Being a good private equity investor is more complicated than it seems. I would say that there are a few characteristics that are important. If you look at the skill set that you need to ultimately be a successful private equity investor, at least at the senior level, you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments. If you look at the skill sets there, they include some things you can teach and some that you can't.