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

I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.

You can lose leverage, and it's the only way a smart guy can go broke.

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

Valuing a business is part art and part science.

You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.

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