It is madness to risk losing what you need in pursuing what you simply desire.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.

You do not adequately protect yourself by being half awake when other are sleeping.

If you can tell me who your heroes are, I can tell you how you're going to turn out in life.

I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.