We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.

During the Great Depression, African Americans were faced with problems that were not unlike those experienced by the most disadvantaged groups in society. The Great Depression had a leveling effect, and all groups really experienced hard times: poor whites, poor blacks.

Usually halfway through a book I have a serious depression, so I go on safari on my ranch in South Africa, or fishing off my island in the Seychelles. When I come back and re-read it, I think: 'What was all that about, Smith? It's fine, just get on with it.'

Depression Quotes