“The untold secret of McDonald’s is that when you sell a restaurant to a franchisee, sales typically go up a lot because the franchisees do a much better job managing the store.”

Ultimately, investors are – are only as good as their track records.

Let me win? That doesn’t exist in my house. No one lets anyone win. Fight to the death.

You can learn investing by reading books.

Investing is one of the few things you can learn on your own.

What motivates people to succeed? Sex. People don’t like to admit it, but it’s the primal driver.

I love what I do. I don’t do it for the money. I work on behalf of investors that I like and want to do well for. I’m a competitive person.

What I love about tennis is that I’m better now than I was when I was 20.

If I believe that I am right, I will take it to the end of the earth until I am proven right.

I’m a very straightforward person. I say precisely what I think. Sometimes it rubs people the wrong way.

I want to have one of the great investment records of all time.

I have more money than I need. I don’t need to work for a living. I do this because I love what I do.

I’m not emotional about investments. Investing is something where you have to be purely rational and not let emotion affect your decision making – just the facts.

I think good private equity investors create a lot more economic value than they destroy.

Experience is making mistakes and learning from them.

In order to be successful, you have to make sure that being rejected doesn’t bother you at all.

What the market tells you in the short term is what a certain subset of people believe. That doesn’t mean they’re right.