If you have something at risk, you think differently.

It's not just buying the company. Sure, we picked the right companies, and we picked the right management and, most importantly, we've given them the right incentive to perform.

I love the ability to work with very good managers, and to provide the right incentives for them, and truly become a partner with that management, and make that management take a long view.

Going public is not a business plan.

To understand KKR, I always like to say, don't congratulate us when we buy a company. Any fool can buy a company. Congratulate us when we sell it and when we've done something with it and created real value.

And make sure that capital structure we have in place is the right capital structure. I think that's the reason that we've been successful.

Our industry expertise (at KKR) enables the firm not only to make better investment choices but also to win the confidence of senior management and sellers, which has enabled us to purchase many companies on an exclusive basis.