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Method Quotes

“We mustn't fear to adopt the advanced management methods applied in capitalist countries. The very essence of socialism is the liberation and development of the productive systems. Socialism and market economy are not incompatible. We should be concerned about right-wing deviations, but most of all, we must be concerned about left-wing deviations.”

“The effect of the corporation, under the prevailing policy of the free, go-as-you-please method of organization and management, has been to drive the bulk of our people, other than farmers, out of property ownership; and, if allowed to go on as present, it will keep them out... The paramount problem is not how to stop the growth of property, and the building up of wealth, but how to manage it so that every species of property, like a healthy growing tree will spread its roots deeply and widely in the soil of a popular proprietorship.”

“Managing the other fellow's business is a fascinating game. Trade unionists all over the country have pronounced ideas for the reform of Wall Street banks; and Wall Street bankers are not far behind in giving plans for the tremendous improvement of trade union policies. Wholesalers have schemes for improving the retailer; the retailer knows just what is wrong in the conduct of wholesale business-and we might go through a long list.... Yet for some reason the classes that ought to be helped keep on stubbornly clinging to their own method of running their affairs.”

“It may be that the invention of the aeroplane flying-machine will be deemed to have been of less material value to the world than the discovery of Bessemer and open-hearth steel, or the perfection of the telegraph, or the introduction of new and more scientific methods in the management of our great industrial works. To us, however, the conquest of the air, to use a hackneyed phrase, is a technical triumph so dramatic and so amazing that it overshadows in importance every feat that the inventor has accomplished.”

“As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one's risk by spreading too much between enterprises about which one knows little and has no reason for special confidence. . . . One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.”

“The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.”

“One can expect the human race to continue attempting systems just within or just beyond our reach; and software systems are perhaps the most intricate and complex of man's handiworks. The management of this complex craft will demand our best use of new languages and systems, our best adaptation of proven engineering management methods, liberal doses of common sense, and a God-given humility to recognize our fallibility and limitations.”