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“I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.”

“One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.”

“The directors of such companies, however, being the managers rather of other people's money than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own.... Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company.”

“Twenty times, in the course of my late reading, have I been on the point of breaking out, 'this would be the best of all possible worlds, if there were no religion in it!' But in this exclamation, I should have been as fanatical as Bryant or Cleverly. Without religion, this world would be something not fit to be mentioned in public company-I mean hell.”

“Preserve the core, and let the rest flux. In their wonderful bestseller Built to Last, authors James Collins and Jerry Porras make a convincing argument that long-lived companies are able to thrive 50 years or more by retaining a very small heart of unchanging values, and then stimulating progress in everything else. At times "everything" includes changing the business the company operates in, migrating, say, from mining to insurance. Outside the core of values, nothing should be exempt from flux. Nothing.”

“Maybe we should be directing our anger elsewhere - like toward Wall Street. Why is it we never think of Big Business when we think of welfare recipients? Companies take more of our tax dollars, and in much more questionable ways, than do those who are trying to heat their apartments with a kerosene stove.”

“That a joint stock company should be able to carry on successfully any branch of foreign trade, when private adventurers can come into any sort of open and fair competition with them, seems contrary to all experience.”

“You know you're ready to write a book when you have a feeling that you should do it, no matter what anybody says. It's like falling in love or starting a company. When you're still wondering if you should get married or you're still wondering whether you should start a company that might be not the right person or the right idea. And writing is the same way. When you've locked on to the topic, you'll just write it.”

“I think the leadership of a company should encourage the next generation not just to follow, but to overtake. The duty of leadership is to put forward ideas, symbols, metaphors of the way it should be done, so that the next generation can work out new and better ways of doing the job. The complaint Gordon and I have is that we are not being overtaken by our staff. We would like to be able to say, "We can't keep up with you guys", but, it is not happening.”

“When this crisis began, crucial decisions about what would happen to some of the world's biggest companies - companies employing tens of thousands of people and holding trillions of dollars in assets - took place in hurried discussions in the middle of the night. We should not be forced to choose between allowing a company to fall into a rapid and chaotic dissolution or forcing taxpayers to foot the bill.”

“I imagine you will always be pinched for money, for time, for a place to work. But I think you will do it. And believe me, it is not a new problem. You are in good company...Your touch is the uncommon touch; you will speak only to the thoughtful reader. And more times than once you will ask yourself whether such readers really exist at all and why you should go on projecting your words into silence like an old crazy actor playing the part of himself to an empty theater.”

“As I have indicated some time ago, I intend to divest my shareholding when I leave the Club. In doing so, my overriding principle is that I shall do what I believe is best for the future of Celtic. I have also indicated my intention that my shareholding will be made available to be held broadly amongst the supporters and existing shareholders of the Club. I believe that this should produce the best structure of ownership for the Club and the Company.”