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“You're missing it. This is not a one-man show. What's reinvigorating this company is two things: One, there's a lot of really talented people in this company who listened to the world tell them they were losers for a couple of years, and some of them were on the verge of starting to believe it themselves. But they're not losers. What they didn't have was a good set of coaches, a good plan. A good senior management team. But they have that now.”

“You could transfer Congress over to run Standard Oil or General Motors, and they would have both things bankrupt in two years.”

“I guess there is no two races of people in worse repute with everybody than the international bankers, and the folks that put all those pins in new shirts.”

“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction.”

“There are two kinds of second class men in business. There is the man who puts money first and service second. There is the man who puts service first and money second, who never has any money. The first class man in business is the man who is made up out of rolling the other two kinds into one man and working them together.”

“We believe that there is one economic lesson which our twentieth century experience has demonstrated conclusively-that America can no more survive and grow without big business than it can survive and grow without small business.... the two are interdependent. You cannot strengthen one by weakening the other, and you cannot add to the stature of a dwarf by cutting off the legs of a giant.”

“Business in a certain sort of men is a mark of understanding, and they are honored for it. Their souls seek repose in agitation, as children do by being rocked in a cradle. They may pronounce themselves as serviceable to their friends as troublesome to themselves. No one distributes his money to others, but every one therein distributes his time and his life. There is nothing of which we are so prodigal as of those two things, of which to be thrifty would be both commendable and useful.”

“Our planning system was dynamite when we first put it in. The thinking was fresh; the form mattered little. It was idea oriented. We then hired a head of planning, and he hired two vice presidents, and then he hired a planner; and the books got thicker, and the printing more sophisticated, and the covers got harder, and the drawings got better.”

“If you're going to invest a valuable asset (like time), go ahead and make it productive. Use a postit or two, or some index cards or a highlighter. Not to write down stuff so you can forget it later, but to create marching orders. It's simple: if three weeks go by and you haven't taken action on what you've written down, you wasted your time.”

“As I see it, there are two great forces of human nature: self-interest, and caring for others. Capitalism harnesses self-interest in a helpful and sustainable way, but only on behalf of those who can pay. Government aid and philanthropy channel our caring for those who can't pay. But to provide rapid improvement for the poor we need a system that draws in innovators and businesses in a far better way than we do today.”

“Oh Lord, there it is again. The question;" What kind of business should I start?" Incidentially, it has a twin that also sets me off: "What should I specialize in during the second year of my MBA studies?" Sorry, but those are two of the most profoundly upsetting questions anyone can ask - upsetting because the answer should be obvious: Do what turns you on, not what the statistics say is best.”

“Treasures in heaven are more permanent. They are more satisfying. There are only two reasons why we are not as successful as we would like to be in laying up earthly treasures. One is that we sometimes get into the wrong business; and the second reason is that even though we may be in the right business, we do not always work at it effectively. Interestingly enough, these are the same reasons why we fail in laying up treasures in heaven.”

“Compromise is usually bad. It should be a last resort. If two departments or divisions have a problem they can't solve and it comes up to you, listen to both sides and then pick one or the other. This places solid accountability on the winner to make it work. Condition your people to avoid compromise.”

“Microsoft has had two goals in the last 10 years. One was to copy the Mac, and the other was to copy Lotus' success in the spreadsheet - basically, the applications business. And over the course of the last 10 years, Microsoft accomplished both of those goals. And now they are completely lost.”

“When written in Chinese, the word 'crisis' is composed of two characters. One represents danger and the other represents opportunity.”

“Because, you know, resilience - if you think of it in terms of the Gold Rush, then you'd be pretty depressed right now because the last nugget of gold would be gone. But the good thing is, with innovation, there isn't a last nugget. Every new thing creates two new questions and two new opportunities.”

“In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”

“It has taken more than a hundred scientists two years to find out how to make the product in question; I have been given thirty days to create its personality and plan its launching. If I do my job well, I shall contribute as much as the hundred scientists to the success of this product.”

“In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don't have the first, the other two will kill 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.”