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I couldn't have predicted the business would be worth so much. I could see that we would have this sort of market share, but I didn't realise the numbers would be so large.

We make a series of investments, some will pan out and some won't.

Sooner or later, we sell out for money.

We really believe in the earnings. We're very proud that often we do well in the down market. But you know, there are some markets where they just lose liquidity, like 2001, 2008.

The assets you want to buy are the ones people have to sell.

I have some assets that over time will be worth something. I've been in the process of selling others.

We have managed to acquire $13 trillion of debt on our balance sheet. In my view we have nothing to show for it. We haven't invested in our roads, our bridges, our waste-water systems, our sewer systems. We haven't even maintained the assets that our parents and grandparents built for us.

People say, 'How's the record doing?' In the old days you'd say, 'We're at 600,000, it's doing great.' You don't say those things anymore. Those numbers are gone.

We sell to businesses who sell other stuff, so we're just going to concentrate on doing that.