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

Knowledge is being applied to knowledge itself. It is now fast becoming the one factor in production, sidelining both capital and labour.

No financial man will ever understand business because financial people think a company makes money. A company makes shoes, and no financial man understands that. They think money is real. Shoes are real.

Objectives are not fate; they are direction. They are not commands; they are commitments. They do not determine the future; they are a means to mobilize resources and energies of the business for the making of the future.

The real development I've seen of people in organizations, especially in big ones, comes from their being volunteers in a nonprofit organization - where you have responsibility, you see results, and you quickly learn what your values are. There is no better way to understand your strengths and discover where you belong than to volunteer in a nonprofit. That is probably the great opportunity for the social sector - and especially in its relationship to business.

Results is all that separates one company from another.

One has to make a decision when a condition is likely to degenerate if nothing is done.