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 think we've lost the idea that politicians are part of the humanities. And we think of them as part of a natural science tradition, and we don't expect them to have the contact with literature, with history, with the richness of descriptive language that the humanities have always stood for. And I think that's a great loss.

What is attained by a developed thinking is not visions but spiritual sight of realities; what is attained by a developed will is not ordinary soul-experiences but the discovery of a consciousness different from the ordinary.

Mass application of technological innovations, which constitutes much of the distinctive substance of modern economic growth, is closely connected with the further progress of science, in its turn the basis for additional advance in technology.

The philosophy of the school was quite simple - the bright boys specialised in Latin, the not so bright in science and the rest managed with geography or the like.