Megyn Kelly addresses Fortune's Most Powerful Women Summit 2014

This is a rush transcript from "The Kelly File," October 7, 2014. This copy may not be in its final form and may be updated.

MEGYN KELLY, HOST: We have been reporting live from Laguna Niguel, California, at Fortune Magazine's Most Powerful Women Summit. Earlier, I was interviewed by Facebook COO Sheryl Sandberg who described how we met after she saw a contentious interview between yours truly and Lou Dobbs and Erick Erickson. Watch.


SHERYL SANDBERG, FACEBOOK COO: So I saw that on TV and I just cold called her and said I love you. You are awesome. I know everyone here agrees. Unbelievable.

KELLY: Oh, thank you. This is not the same reaction I got from the guys on the set that day.

SANDBERG: Correct.

KELLY: Totally different experience watching it in this room.

SANDBERG: You are covering serious topics and you're doing it with strength and conviction. So, how do you think about that? How do you think about being a woman and doing that? How do you think about the fact that men would never be asked the question I'm asking you right now?

KELLY: When I sit in front of that desk, it doesn't matter who is across from me. I don't care if it's a Republican, a Democrat, a president, it doesn't matter. I only have one master, and that's my audience. I will serve that audience. If you try to dodge or weave, you're going to get pinned down. I feel very empowered to do that when I'm on the set.

SANDBERG: You also have a philosophy you call settle for more. I'd love for you to talk about that, it is a great phrase.

KELLY: My settle for more philosophy is basically the life I was just telling you about, which is back in the day when I was unhappily married and unhappily working, I heard a brilliant man by the name of Dr. Phil say the only difference between you and someone you envy is you settled for less. It just spoke to me. It just spoke to me like, "Yes, that's exactly right!" So, settle for more. That was me.

And I started putting it into practice, Sheryl. And it really did change my life. Instead of wasting energy sitting around looking at someone who I admired and thinking, "Oh, God, she's got it all. Why can't I have it all? She's on TV. Oh, I would love that job. She seems so happily married. I wish I were happily married." I just started to change my life little by little. And success breeds success.


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