Transcript

The School didn't have a lot of money in those days. Maybe one of the reasons that I was accepted, applying from West Virginia, was that the School would probably take almost anybody in those days. We didn't have the luxury of the MBA being the "in" degree, in those days. It was a place to get a deferment during the Vietnamese War, and some of the students were Harvard undergraduates who held their nose, and came over to get the deferment. But they didn't respect the School, and there wasn't a lot of rigor around.

So Larry was afraid of the finances, because we, in those days, financed ourselves on a very short-term basis. We didn't have a lot of endowment. So he was running scared as the new boy in town. He didn't know if he would be able to raise a lot of money. It turned out he did; he raised a lot of money. But he didn't know if he could in the beginning.