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I have nothing against investment banking, but it's like massaging money rather than creating money.

Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives.

What we prefer to do is operate our investment bank in a way that is like what investment banks used to be, which is a middle man - someone who is here to match people who need capital with people who have capital - and not position ourselves at the center of that by taking big positions on a trading stance.

Sometimes your best investments are the ones you don't make.

If you're just interested in the prestige of banking, that's not what's going to sustain you. You have to be interested in what we do: managing and originating capital, helping issuers and investors come together is great, bringing these companies to life.

Let's be honest: the trappings of investment banking are quite tempting. I do miss it sometimes. And to be honest, there was a time I'd read the 'WSJ' in the morning, and for years I have done that.

In any investment, you expect to have fun and make money.

The biggest profit center for investment banks is the hefty fees they charge for underwriting stock offerings and giving financial advice, and analysts put those profits at risk if they publish negative conclusions about the companies that pay the fees.

If you want better behavior from bankers, then make their financial incentives more like those in the hedge-fund world - where managers have 'skin in the game,' and their net worth is tied to their long-term performance.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.