Hedge funds are other hedge funds' toughest competition. And there are just more of them, and it's tougher and tougher all along.

In baseball, you can hit 40 home runs on a single-A-league team and never get paid a thing. But in a hedge fund, you get paid on your batting average. So you go to the worst league you can find, where there's the least competition.

I think, definitely, this country needs a lower corporate tax rate and tax reform so that we can get our profits that we've made overseas back into the country without heavy penalties. And if that happens, I think that would be very good for the market and all of that.

I know Eric Schmidt, and he has different political views from mine. But I think he's a terrific guy.