If the only common thread you have as an industrial company is the fact that you think you're well managed, you can still be a pretty good company, but you're not going to be a dominant company, a competitive company over time.

It's the sustained ability to change that really counts.

And people is the most important part of my job. I spend one third of my time on people.

Every leader needs to clearly explain the top three things the organization is working on. If you can't, you are not leading well.

I've been seeing the change. It's been steady. It's been more controlled than people think. And my own belief is that China knows it also needs to be part of the world, and that it needs to be able to have trade with Europe and the United States in order to house and feed a billion people. That's really kind of single-mindedly what they see their role as being.

Values can't just be words on a page. To be effective, they must shape action.

I was Chairman for two days. I had an airplane with my engines, hit a building I insured, was covered by a network I owned and I still have to increase earnings by 11 percent.