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“One of the things I have learned over 26 years in the business is that the most productive place to focus new business efforts on is current clients. Think about it you have the relationship, you have inside knowledge of the company, the people and often, the brand, so it's a much less diverting exercise. Simply put, the odds of getting a higher share with current clients is much better than getting in the front door with new ones.”

“I think one of the big errors people are making right now is thinking that old-style businesses will be obsolete, when actually they will be an important part of this new civilization. Some retail groups are introducing e-commerce and think that the bricks are no longer useful. But they will continue to be important.”

“My take on the whole dot-com bubble was that a lot of people who wanted to make a lot of money got too excited and hyped up the commercial aspects of the Internet prematurely. I think the vision of the Internet as a democratizing medium - as everyone's printing press - is real. We got distracted from that by the mass hallucinations of the bubble.”

“That is the true genius of America, a faith in the simple dreams of its people, the insistence on small miracles. That we can say what we think, write what we think, without hearing a sudden knock on the door. That we can have an idea and start our own business without paying a bribe or hearing a sudden knock on the door. That we can participate in the political process without fear of retribution, and that our votes will be counted.”

“I can find only three kinds of business in the universe: mine, yours and God's. Much of our stress comes from mentally living out of our business. When I think, "You need to get a job, I want you to be happy, you should be on time, you need to take better care of yourself," I am in your business. When I'm worried about earthquakes, floods, war, or when I will die, I am in God's business. If I am mentally in your business or in God's business, the effect is separation.”

“To think that I know what's best for anyone else is to be out of my business. Even in the name of love, it is pure arrogance, and the result is tension, anxiety, and fear. Do I know what's right for me? That is my only business. Let me work with that before I try to solve problems for you.”

“To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.”

“None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."”