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

Growth that adds volume without improving productivity is fat. Growth that diminishes productivity is cancer.

As a manager you're paid to be uncomfortable. If you're comfortable, it's a sure sign you're doing things wrong.

I'm better about things than about people. I'm more interested in people, but I'm better at ideas.

The more successful the unit, the more difficult it is to make sure that the large company doesn't put the same expectations on it as it does for the rest of the company. When it's a new venture, whether it's outside or inside the business, it's a child. And you don't put a 40-pound pack on a 6-year-old's back when you take her hiking.

It’s up to you to carve out your place, to know when to change course, and to keep yourself engaged and productive during a work life that may span some 50 years.

As with every phenomenon of the objective universe, the first step toward understanding work is to analyze it.