We have to live with the rest of the world. And it's a mistake, in my view. Trade has generally developed in this country. We actually export 12 or 13 percent of our GDP. It was only 5 percent in 1970. But it benefits us. It benefits the rest of the world. It doesn't benefit the steelworker maybe in Ohio. And that's the problem that has to be addressed, because when you have something that's good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.

The plan itself is opportunism. There is no plan before that.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Our approach is very much profiting from lack of change rather than from change.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

I'm sitting with six and a half billion dollars we're going to use to close the Mars-Wrigley deal on October 6. I've got to hand over that six and a half billion on October 6. Now, I have to be very careful about who I leave it in between now and then, because they're expecting that he show up.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.