Predators are a necessary stimulant. If you eliminate predators in business, you just create comfortable bureaucracies and monopolies.

I am a capitalist. I believed in capitalism before I had any capital.

I prefer hostile bids to friendly bids. Why? When you have a manager whose interest is imperial aggrandizement at the expense of the shareholders’ interests, who entrenches himself by every possible device… how do you get him out? The purpose of hostile takeovers is to go in and cleanse failing companies.

I’ve never seen a good company be taken over in a hostile bid… only bad ones.