When I started off it was ominous. It was slow, conditions were bad and we were cold. I wasn't pushing it hard. You're always concerned, as you never know if it's going to get worse.

It wasn't that cold or windy, but the times seemed to be off. The marathon is always humbling, It always hurts and always beats you up. But you rarely win in running, so when you do, it's nice.

I'm excited about Napa. I heard that it's a beautiful course that's fast and blessed with historically good weather.

Investors see nothing but sunny skies as far as the eye can see and therefore do not care one iota about risk. They are pursuing returns regardless of risk, and therefore the most speculative companies and investment classes are doing very well.

We saw Wendy's was languishing at $40, but when we saw Pershing Square's proposal, it was clear that the shares were worth $65.

The key swing vote is the passive investors who decide whether to piggyback on what the activists are doing. For every dollar of activist money involved in a campaign, there is usually at least $10 of non-activist money involved.