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Return Quotes

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Return Quotes

“After one arrives at the summit, after going through the total transformation of being...there is yet one more step to the completion of that journey: the return to the valley below, to the everyday world. Who it is that returns is not who began the climb in the first place. The being that comes back is quietness itself, is compassion and wisdom, is the truth of the ages. Whatever humble or elevated position that being holds within the community, he or she becomes a light for others on the way a statement of the freedom that comes from having touched the top of the mountain.”

“The study of the Life of Jesus has had a curious history. It set out in quest of the historical Jesus, believing that when it had found Him it could bring Him straight into our time as a Teacher and Saviour. ... But He does not stay; He passes by our time and returns to His own... He returned to His own time, not owing to the application of any historical ingenuity, but by the same inevitable necessity by which the liberated pendulum returns to its original position.”

“As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven't done enough research into any of their companies. If managers have 200 positions, do you think they know what's going on at any one of those companies at this moment?”

“we are dealing with a return to what might be a far more normal relationship between the West and Russia. Russia is what it is that we see. It's not dressed up in its birthday costume. It is what it is. It regards its national interests as important enough to fight for. And the difference on the whole Ukraine situation is that the Russians are prepared to fight for their position on Ukraine, and the West is not.”

“You're in a terrible spot. It's too late for you to retreat but too soon to act. All you can do is witness. You're in the miserable position of an infant who cannot return to the mother's womb, but neither can he run around and act. All an infant can do is witness and listen to the stupendous tales of action being told to him. You are at that precise point now. You cannot go back to the womb of your old world, but you cannot act with power either. For you there is only witnessing acts of power and listening to tales of power.”

“Because these firms listened to their customers, invested aggressively in new technologies that would provide their customers more and better products of the sort they wanted, and because they carefully studied market trends and systematically allocated investment capital to innovations that promised the best returns, they lost their positions of leadership.”

“Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.”

“The truth is that business is simple: create great products, merchandise them at the point of sale, continuously innovate and surprise, reward and achieve a position of loyalty with your front line, and seek new truth from the market. Deliver the goods at a competitive cost. Price to earn a decent but not competitively inviting return. Not much else matters.”

“I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.”