Go to bed smarter than when you woke up.

Go to bed smarter than when you woke up.

We have found in a long life that one competitor is frequently enough to ruin a business.

We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, "Oh yes it is, because I'd publish the list of people under consideration."

We don't train executives, we find them. If a mountain stands up like Everest, you don't have to be a genius to figure out that it's a high mountain.