The wealth-income ratio in the United States has always been lower than in Europe. The main reason in the early years was that land values bulked less in the wide open spaces of North America. There was, of course, much more land, but it was very cheap.

The key thing about wealth in a capitalist economy is that it reproduces itself and usually earns a positive net return.

We have fluctuations all the time, business cycles, and they come about in various ways, but normally what sets them off is some reduction in the willingness of our population, our businesses, and foreigners to buy.

We have an obligation and a responsibility to be investing in our students and our schools. We must make sure that people who have the grades, the desire and the will, but not the money, can still get the best education possible.

The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have a 13-year lockup on our money. And so enterprise can go in and out of fashion four different times, and we can go and invest in one of these companies, and it's okay, because we can stay the course.

Dan Loeb has become a billionaire searching out value in financial markets.

Every minute you spend looking through clutter, wondering where you put this or that, being unable to focus because you're not organized costs you: time you could have spent with family or friends, time you could have been productive around the house, time you could have been making money.