And what this person told me was that what you need to do is that, when you go to the White House, always say in the back of your mind that this may be the last time I’m going there because I might have to tell this president something he doesn’t like.

I thought often during my years in the White House of an admonition that we received in our small school in Plains, Georgia, from a beloved teacher, Miss Julia Coleman. She often said: "We must adjust to changing times and still hold to unchanging principles."

And I said, “You know, it does sound silly, and it does sound as if I’m doing it just for my own fun.” And she said, “You have an obligation to do the best you can with whatever you’ve got. And if you like to do a sport, and you can do part of it well, that’s a way of expressing what God gave you.”

My mother said — and I didn’t realize how well it works — when I’d bring a drawing to her, she said, “I don’t look at the drawing. I looked at the child, and if the child was excited, I got excited.” And then we could discuss it. Because we were bringing something that meant something to me as a child. And so she would join in my lassitude, or my excitement, or my frustration. She wasn’t a psychologist, but she did understand this simple matter. Also, it accomplishes the only thing that has any meaning to a little child. The only thing an adult can give a child is time. That’s all, there isn’t anything else. That’s the only thing they need, really, is time. If you give them time, you’ll have to be understanding of them and give them time.

When I went through school, I was in a hurry. I was an economics major as an undergraduate, and I was a finance major in graduate school. I was in a hurry to succeed when I got out in the business world. I’m sorry I didn’t take more courses in the humanities and in history and in the arts.

I had a teacher who was a great influence on me, when I was in boarding school at Loomis, Jim Wilson. He was my economics teacher and he was also my dorm head. I didn’t know what economics was before I took this course. I was really moved by the course. I was moved by him. That’s probably one of the reasons I chose the field of business.

And that’s what’s given us the ability to say no. It’s one of the most important things at the end of the day, being able to say no to an investment. Even if you’ve done a lot of work, work will never hurt you.