Commodity exchanges have a lot of advantages. One, you are helping transparency. Two, they are not political. It's institutional building. It can survive any environment, in theory.

Possessing things is not that interesting. Living in a grand environment to show myself and others that I have wealth has zero appeal.

California is a place of invention, a place of courage, a place of vision, a place of the future. People who made California what it is were willing to take risks, think outside convention and build.

I was living in Paris, which is a very beautiful, very wonderful place, but a tight place as a city, a tight place culturally. Its people are very brilliant, thoughtful, the place functions, but it's a historical place in some ways, like a big museum.