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I said I didn't want to spend most of my life in Holidays Inns, but I've checked and they've all been redecorated. They're marvelous places to stay and I've thought it over and that's where I'd like to be.

I don't want to spend the next two years in Holiday Inns.

People were desperately trying to fill their seats for the summer. And so prices are really low right now. And so they are kept from raising prices to make up for that difference.

Businesses are going to innovate in how they bring prices down so people can shop the way they want.

So, if you look at what's common among some of the companies I have, including the Four Seasons, NewsCorp, George V, the Plaza, these are all irreplaceable brands in their own fields.

My organization, my colleagues and I, are paid to run hotels in good times and fair times. We're professionals. That's what we do. I don't give a damn about the short-term market implications.

The trick is, a market has to be nonexistent when you start. If the market is large early on, you will have too many competitors. You have to make it large.

I have a feeling that there is a gap in the food retail market - a niche below some of the current budget operators such as Aldi and Lidl.

It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.