The role of private equity as fiduciaries is certainly to make money.

One of the people who most influenced me was Ben Shapiro, a marketing professor at the business school. He used to rant and rave and pound his fist: 'It's all about the customers!' And he was right. He was also right that, at that time, retailing was devoid of really talented people; he urged me to go in that direction.

At the Harvard Business School, I really felt I had gained the ability to resolve difficult issues. But I also felt that I wasn't in the mainstream with my fellow students. During job-hunting season, for example, everybody shaved their beards for interviews. I thought, 'This is crazy.' So I grew a beard.

No man should be in public office who can't make more money in private life.

Private equity has been the purview of super wealthy individuals and institutions.

I'm not surprised to see private equity make a big move like this -- private equity has significant assets that need to be invested.