A Quote by Henry Kravis
In the '70s and '80s, what private equity did is it changed corporate America. It started holding companies accountable, and for the first time managers started thinking like owners.
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I always like to refer managers in corporate America as the renters of the corporate assets, not the owners.
We really wake up every day trying to build businesses. That is the goal of private equity. It's a misnomer out there that private equity profits by shrinking companies. In fact, it's just the opposite. Private equity creates value by growing great companies.
When I first got started in the late '70s, early '80s, and first was thinking about the interactive world, I believed so fervently that it was the next big thing, I thought it would happen quickly.
Self-dealing, essentially, occurs when managers run companies to line their own pockets instead of those of the companies' owners. It's been a perennial problem in American capitalism and became a real dilemma when America moved toward a model in which corporations would be run by professional managers who had only small ownership stakes.
Nobody in my generation ever started out in private equity. We got there by accident. There was no private equity business - actually, the word didn't even exist - when I started. I got there out of the purest of happenstance and so I think many people find what they really enjoy doing just in that way. So another piece of advice for you is: don't worry too much about what you're going to be doing when you get out of business school - life will come your way.
Jazz stopped being creative in the early '80s. After your acoustic era, where you had the likes of the Miles Davis Quintet, when it gets to the '70s it started being jazz fusion where you had more electronic stuff happening, then in the '80s they started trying to bring back the acoustic stuff, like Branford Marsalis and the Wynton Marsalis & Eric Clapton sextet. It started dying down from there. Miles was still around in the '80s and he was still being creative; he was playing Michael Jackson songs and changing sounds, but a lot of people were still trying to regurgitate the old stuff.
When we first started our internet company, 'China Pages', in 1995, and we were just making home pages for a lot of Chinese companies. We went to the big owners, the big companies, and they didn't want to do it. We go to state-owned companies, and they didn't want to do it. Only the small and medium companies really want to do it.
I was fortunate enough to hook up with Quincy Jones and had a lot of success. But the music of the '80s really changed when the '90s hit. For me to chase that dream or career of music, I started a family, started on 'Melrose Place,' so it was something I didn't have the time or energy.
I like to tell kids that I started thinking about stories when I first started reading stuff like Dr. Seuss and 'Go, Dog. Go!,' thinking, 'Oh yeah, that's funny. I'd like to do that.' And then writing throughout school, but at the same time I was studying pre-med stuff, because my mom told me I should be a doctor.
I started in the late 70s, beginning of the 80s, and I think I started to sing and make music as a therapy for myself; I never planned to be an artist; sometimes when I think about it it's crazy that I'm here, and I'm touring, and I'm doing what I'm doing.
When I turned 25, something changed in me. I see children in my future 100%. Soon. I started thinking I want my kids to look back and say, 'Wasn't Mummy amazing?' I've really started thinking about what I'm leaving for them.
That first company I started made a lot of money for the venture capitalists - nearly $30 million - but next to nothing for the founders. The companies I started after that varied between failures and mediocre successes. But at no point did I ever consider getting a 'real job.' That felt like a black and white world, and I wanted Technicolor.
I started in this racket in the early '70s, and when I was president of the Science Fiction Writers of America, of which I was like the sixth president, I was the first one nobody ever heard of.
My first real venture was a paintball company I started in Grade 10, when I was 16. After hearing about it from a friend, I realized my town didn't have a playing field. I did some research, spoke with other paintball company owners, and I started my own field the following summer.
Throughout the late '80s, me and a handful of friends just like you people here, we started to break windows, we started to slash tires, we started to rescue animals from factory farms and vivisection breeders, and we graduated to breaking into laboratories . As long as we emptied the labs of animals, they were still easily replaced. So that's when the ALF in this country, and my cell, started engaging in arson.
I changed my diet drastically. In college, I was a typical college guy who ate junk food all the time. When you're in college, your metabolism is through the roof. I felt like my body started to change when I was 22 or 23, so I started meeting with a nutritionist and it completely changed everything.
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