We're in the business not so much of being contrarians deliberately, but rather we like to take perceived risk instead of actual risk. And what I mean by that is that you get paid for taking a risk that people think is risky, you particularly don't get paid for taking actual risk.

You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning.

Ships are a strange kind of commodity because they're very lumpy, very big individual units, but they're commodities.

Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things.

If you want to do something to destroy consumer spending, just eat away at the middle class because the other problem we have is the structural problem of middle class America.

Shale gas, if left to flourish, could create several hundred thousand more jobs.

I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners.