Now the Japanese companies are more focused on that. To have two independent directors - I think it's good to have outside people look at you and think of what you could be doing better. Those are voluntary, but most of the companies told me they're going to do it. And I think it's good for them to say our returns on equity, for example, should be higher. Also, I think some could be more ambitious.

We continued to build the business, even in the worst of times. We do business all over America.

And if you're going to be a leader, you know what I ask myself? Would I want to work for you in this job? Would I let my children work for you? Would I give you this job if I wasn't there to provide oversight? If you went to run another company, would I, as an investor, invest in that company?

If the economy grows, housing gets better, quicker.

Businesses can be opaque. They are complex. You don't know how aircraft engines work either.

I think normalization is a good thing.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.