There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.

Every organization has to prepare for the abandonment of everything it does.

The final test of greatness in a CEO is how well he chooses a successor and whether he can step aside and let the successor run the company.

The most important work of the executive is to identify the changes that have already happened. The important thing . . . is to exploit the changes that have already occurred and to use them as opportunities.

The better a man is, the more mistakes he will make, for the more new things he will try. I would never promote to a top-level job a man who was not making mistakes...otherwise he is sure to be mediocre.

The individual is the central, rarest, most precious capital resource of our society.

(Waste = Loss): The first rule of business is to survive and the guiding principle of business economics is not the maximisation of profit, it is the avoidance of loss