The way you delegate is that first you have to hire people that you really have confidence in. You won't truly let those people feel a sense of autonomy if you don't have confidence in them.

Most people get overwhelmed by the insignificant decisions of their lives. I'm urging people to minimize the time spent on these when they're not critical to their most important goals.

If employees need to stay late in order to curry favor with the boss, what motivation do they have to get work done during normal business hours? After all, they can put in the requisite 'face time' whether they are surfing the Internet or analyzing customer data.

You have various institutions like law firms and accounting firms which bill by the hour. I'm really against that. You have an incentive to go slowly, be there as long as possible, to over-research things and over-staff.

We can't count on the Fed to inject this level of liquidity that we saw last year.

Mandatory auditor rotation is designed to address a potential conflict of interest between a public company and its auditor. Because an auditor is hired and paid by the public company it audits, the auditor's desire to maintain a good relationship with its client could conflict with its duty to rigorously question the client's financial statements.

If you want an active schedule, you have to husband your time so you can act on the things that are important.