I chose to start Schwarzman Scholars because I saw the potential for the world to become focused and unhappy with China, in large part because of the populism that was growing throughout the world.

I'm concerned with China growing at double or triple the rate of the West, that there will be tensions. One needs to do something to start addressing misunderstandings and frustration.

Inaccurate analysis produces faulty insights and bad decisions - which lead to losing a tremendous amount of money.

The concept of fair value accounting is correct and useful, but the application during periods of crisis is problematic. It's another one of those unintended consequences of making a rule that's supposed to be good that turns out the other way.

I might make an investment and lose some money, but that's something I can recover from.

Rhythm and blues started even before phonograph records were being produced because black people entertained themselves. It wasn't done for money. It was done for entertainment. Most white people didn't know anything about this because prejudice kept them from ever seeing what was going on.

Growing up in Hollywood meant there were a lot of film stars' kids at my school - but no conspicuous wealth. It wasn't cool to show off that you had money.

A man may be a tough, concentrated, successful money-maker and never contribute to his country anything more than a horrible example.