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

I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.

I think the hedge-fund industry has taken a reputational turn for the worse, this dog-eat-dog stuff. I'm not just talking about Herbalife or J. C. Penney, but in other situations where the media really focuses on who's long and who's short. I don't think it's a good thing for the industry.

Equity valuations are still appealing. We think investors are too cautious.

I don't think we're going to get the instant value that we would have from the spin-off, but we'll get it over the long term and that's just fine.

We are applauding the plan for adopting key strategic initiatives that will create a lot of shareholder value. I am not going to run a proxy contest.