Knowledge has become the key resource of the world economy.

The manager is a servant. His master is the institution he manages and his first responsibility must therefore be to it.

Strategic planning is the continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the greatest knowledge of their futurity; organizing systematically the efforts needed to carry out these decisions; and measuring the results of these decisions against the expectations through organized, systematic feedback.

Capital formation is shifting from the entrepreneur who invests in the future to the pension trustee who invests in the past.

One does not start with facts. One starts with opinions.

In the next economic downturn there will be an outbreak of bitterness and contempt for the supercorporate chieftains who pay themselves millions. In every major economic downturn in US history the villains have been the heroes during the preceding boom.

Brilliant men are often strikingly ineffectual. They fail to realize that the brilliant insight is not by itself achievement. They never have learned that insights become effectiveness only through hard systematic work.