We've believed for 50 years that the Japanese are small Americans who wanted to be like us. They are not.

AT&T invented the cellular telephone, but saw no future in it. It takes entrepreneurs, who are angels of destruction, to take advantage of things which the inventor cannot or does not see.

A competitive world offers two possibilities. You can lose. Or, if you want to win, you can change.

The old foundations of success are gone ... The world's wealthiest man, Bill Gates, owns nothing tangible: no land, no gold or oil, no factories ... For the first time in history the world's wealthiest man owns only knowledge.

Economists are always recommending the elimination of this or that market imperfection ... no astrophysicist recommends the elimination of planets that he does not like.

Major investment decisions have become too important to be left to the private sector.

We've believed for 50 years that the Japanese are small Americans who wanted to be like us. They are not.