Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses

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.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

Focus on your customers and lead your people as though their lives depend on your success.

If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.