Business related quotes 151 to 200

  1. ‘The best franchisers in the world own very few restaurants. I would argue that Subway is one of the best franchisors because they don’t have to own any of their stores. The deal is a good one for the franchisee. And the franchises are doing a good job. There’s little reason for a well-run franchisor to own any restaurants because the business of operating a restaurant is not nearly as attractive as the business of collecting a royalty in exchange for a brand.’ Bill Ackman
  2. ‘I love what I do. I love the investing process –the problems and the puzzle-solving and testing my wits. But I have also really enjoyed building an organization. That realization came to me later in life, but as fine as building a great portfolio is, building a great organization with great people is even better.’ Daniel Loeb
  3. ‘We’ve had a lot of excellent musicians and athletes here. I don’t want to dismiss the importance of academic credentials, but we want bright people who are really diligent and hardworking, but also have real tenacity and grit who enjoy what they do and have an incredible passion for investing.’ Daniel Loeb
  4. ‘Ultimately, of course, you want people with good processes and good outcomes, but I’d rather have somebody working for me who had a good process and a bad outcome in a given year that somebody with a bad process and a good outcome.’ Daniel Loeb
  5. ‘Remember one of our points, class. Even a transaction that looks immaterial to an entity may be material to one person in that entity. What was the key here? What was the connection? Why? Material circumstances. Always remember, what is immaterial to one entity can be very material to a key person.’ James Chanos
  6. ‘When you are afraid things are going to get worse if you don’t do something, it can prompt you into action. But it is not good when you are so afraid that it keeps you from doing anything.’ Who Moved My Cheese
  7. ‘Having Cheese Makes You Happy’; ‘The More Important Your Cheese Is to You, The More You Want to Hold On to It’; ‘If You Don’t Change, You Can Become Extinct’; ‘What Would You Do If You Weren’t Afraid?’; ‘Smell the Cheese Often So You Know It Is Getting Old’; ‘Movement in a New Direction Helps You Find New Cheese’; ‘When You Stop Being Afraid, You Feel Good’; ‘Imagining Yourself Enjoying Your New Cheese Leads You To It’; ‘The Quicker You Let Go of Old Cheese, The Sooner You Find New Cheese’; ‘It is Safer to Search in the Maze, than Remain in a Cheeseless Situation’; ‘Old Beliefs Do Not Lead You to New Cheese’; ‘When You See That You Can Find And Enjoy New Cheese, You Change Course’.’ Who Moved My Cheese
  8. ‘1) Change Happens; 2) Anticipate Change; 3) Monitor Change; 4) Adapt to Change Quickly; 5) Change; 6) Enjoy Change; 7) Be Ready to Change Quickly and Enjoy It Again and Again.’ Who Moved My Cheese
  9. ‘Thus, there are two essential ingredients for profit in a declining market: you have to have a view on intrinsic value, and you have to hold that view strongly enough to be able to hang in and buy even as prices declines suggest that you’re wrong. Oh yes, there’s a third: you have to be right.’ Howard Marks (The Most Important Thing Is)
  10. ‘A good builder is able to avoid construction flaws, while a poor builder incorporates construction flaws. When there are no earthquakes, you can’t tell the difference.’ Howard Marks (The Most Important Thing Is)
  11. ‘Skepticism is what it takes to look behind a balance sheet, the latest miracle of financial engineering or the can’t-miss story…only a skeptic can separate the things that sound good and are from the things that sound good and aren’t. The best investors I know exemplify this trait. It’s an absolute necessity.’ Howard Marks (The Most Important Is)
  12. ‘The error is clear. The herd applies optimism at the top and pessimism at the bottom. Thus, to benefit, we must be skeptical of the optimism that thrives at the top, and skeptical of the pessimism that prevails at the bottom.’ Howard Marks (The Most Important Is)
  13. ‘If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.’ Sun Tzu (The Art of War)
  14. ‘You need to enter into the venture with a very clear and unified vision. And no matter how much you love, trust and respect each other, I would urge friends to engage an attorney to put a very clear and comprehensive operating agreement in place. Even if things always go smoothly, it’s still smart to have the details of the partnership laid out in writing.’ Alexis Miesen
  15. ‘The principal’s interest will be to have some tasks or actions performed so as to maximize the principal’s profit or some other objective relevant to the principal. Generally, the agent will have other interests. The agent will have to expend effort and act diligently, which is costly to the agent, to perform the actions.’ Thomas Coleman (A Practical Guide to Risk Management)
  16. ‘Much of the development of global banking regulation since the 1980s has focused on these three aspects: first, which assets contribute how much to risk-weighted assets; second, what is the appropriate capital ratio; and, third, what counts as capital.’ Thomas Coleman (A Practical Guide to Risk Management)
  17. ‘Time is like a river that will take you forward into encounters with reality that will require you to make decisions. You can’t stop the movement down this river, and you can’t avoid the encounters. You can only approach these encounters in the best way possible.’ Ray Dalio
  18. ‘I want you to work for yourself, to come up with independent opinions, to stress-test them, to be wary about being overconfident, and to reflect on the consequences of your decisions and to constantly improve.’ Ray Dalio
  19. ‘I learned that finding out what is true, regardless of what that is, including all the stuff most people think is bad—like mistakes and personal weaknesses—is good because I can then deal with these things so that they don’t stand in my way.’ Ray Dalio
  20. ‘I learned that one of the greatest sources of problems in our society arises from people having loads of wrong theories in their heads—often theories that are critical of others—that they won’t test by speaking to the relevant people about them. Instead, they talk behind people’s backs, which leads to pervasive misinformation.’ Ray Dalio
  21. ‘I learned that there is nothing to fear from the truth. While some truths can be scary – for example, finding out that you have a deadly disease – knowing them allows us to deal with them better. Being truthful, and letting others be completely truthful, allows me and others to fully explore our thoughts and exposes us to the feedback that is essential for our learning.’ Ray Dalio
  22. ‘For example, suppose making a lot of money is your goal and suppose you make enough so that making more has no marginal utility. Then it would be foolish to continue to have making money be your goal. People who acquire things beyond their usefulness not only will derive little or no marginal gains from these acquisitions, but they also will experience negative consequences, as with any form of gluttony. So, because of the law of diminishing returns, it is only natural that seeking something new, or seeking new depths of something old, is required to bring us satisfaction.’ Ray Dalio
  23. ‘Most people don’t like helping others explore their weaknesses, even though they are willing to talk about them behind their backs. For these reasons most people don’t do a good job of understanding themselves and adapting in order to get what they want most out of life.’ Ray Dalio
  24. ‘For example, if you are dumb or ugly, you are unlikely to acknowledge it, even though doing so would help you better deal with that reality. Recognizing such “harsh realities” is both very painful and very productive.’ Ray Dalio
  25. ‘If I had to pick just one quality that those who make the right choices have, it is character. Character is the ability to get one’s self to do the difficult things that produce the desired results.’ Ray Dalio
  26. ‘People who tolerate problems are the worse off because, without the motivation to move on, they cannot succeed. In other words, if you are motivated, you can succeed even if you don’t have the abilities (i.e., talents and skills) because you can get the help from others. But if you’re not motivated to succeed, if you don’t have the will to succeed, the situation is hopeless.’ Ray Dalio
  27. ‘It is critical to know each day what you need to do and have the discipline to do it. People with good work habits have to-do lists that are reasonably prioritized, and they make themselves do what needs to be done.’ Ray Dalio
  28. ‘Badmouthing people behind their backs shows a serious lack of integrity and is counterproductive. It doesn’t yield any beneficial change, and it subverts both the people you are badmouthing and the environment as a whole. If you talk behind people’s backs at Bridgewater you are called a slimy weasel. ’ Ray Dalio
  29. ‘Don’t believe it when someone caught being dishonest says they have seen the light and will never do that sort of thing again. Chances are they will. The cost of keeping someone around who has been dishonest is likely to be higher than any benefits.’ Ray Dalio
  30. ‘As a general rule, if you have a demonstrated track record, then you can have an opinion of how to do it – if you don’t, you can’t, though you can have theories and questions.’ Ray Dalio
  31. ‘It is a law of nature that you must do difficult things to gain power and strength. As with working out, after a while you make the connection between doing difficult things and the benefits you get from doing them, and you come to look forward to doing these difficult things.’ Ray Dalio
  32. ‘In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.” Charlie Munger, on reading
  33. ‘I can tell you the secret to finding a job even in a very bad market. It’s breathtakingly simple: look for a job…the harder you look for a job, the more time you spend looking, the more likely you are to find one.’ Megan McArdle (The Upside of Down)
  34. ”Being a big fish in a small pond is much better than being a bigger fish in a bigger pond.’ Pat Dorsey (The Little Book that builds wealth)
  35. ‘I am totally free – for the first time in six years I am free. The more I walk, the more the more I get a sense of what I am doing – it liberates me.’ Jerome Kerviel
  36. ‘Salesmen face the same brutal math as job seekers: success is highly correlated to the amount of time you spend risking rejection. The single biggest predictor of success in a new territory, salesmen will tell you, is the number of calls you make.’ Megan McArdle
  37. ‘What actually predicted how long you lived was how much control you had over your workday, and how much opportunity you had to develop skills.’ Megan McArdle
  38. ‘Investment is all about odds, and a wide-moat company (intangible assets; network effect; cost advantages; high switching costs) managed by an average CEO will give you better odds of long-run success than a no-moat company managed by a superstar.’ Pat Dorsey (Little Book that Builds Wealth)
  39. ‘Everybody has opinions, people who have managed zero games have opinions and we have to accept that. We are in a society where there are thousands of opinions everyday and some go for you and some go against you. You have to live with that.’ Arsene Wenger, manager of AFC
  40. ‘I figure that my staff will be less reluctant to work overtime if I work longer hours than they do.’ David Ogilvy (Confessions of an Advertising Man)
  41. ‘I believe that our society’s ‘mistakephobia’ is crippling, a problem that begins in most elementary schools, where we learn to learn what we are taught rather than to form our own goals and to figure out how to achieve them. We are fed with facts and tested and those who make the fewest mistakes are considered to be the smart ones, so we learn that it is embarrassing to not know and to make mistakes. Our education system spends virtually no time on how to learn from mistakes, yet this is critical to learning. As a result, schools typically doesn’t prepare young people for real life – unless their lives are spent following instruction and pleasing others. In my opinion, that’s why so many students who succeed in school fail in life.’ Ray Dalio
  42. ‘Each of you will have to figure out where your talents lie. And you will have to use your advantages. But if you try to succeed in what you are worst at, you are going to have a very lousy career.’ Charlie Munger (Worldly Wise)
  43. ‘When these new businesses come in, there are huge advantages for the early birds. And when you’re an early bird, there’s a model that I call “surfing”—when a surfer gets up and catches the wave and just stays there, he can go a long, long time. But if he gets off the wave, he becomes mired in shallows…’ Charlie Munger (Worldly Wise)
  44. ‘In football today, for teams to win titles, you have to play in the sun, in the rain, in the cold, in the hot, on small pitches, on big pitches, direct football, possession football. You have to adapt.’ Jose Mourinho, manager of Chelsea F.C.
  45. ‘I admire people who work with gusto. If you don’t enjoy what you are doing, I beg you to find another job. Remember the Scottish proverb, “Be happy while you’re living, for you’re a long time dead.”’ David Ogilvy (Confessions of an advertising man)
  46. ‘I admire people with first-class brains, because you cannot run a great advertising agency without brainy people. But brains are not enough unless they are combined with intellectual honesty.’ David Ogilvy (Confessions of an advertising man)
  47. ‘I think people should do start-ups. It changes the whole way you think about life. I realized that everything I want, I have to create, and I have the power to do that.’ Ying-Ying Lu
  48. ‘Our advertising business needs massive transfusions of talent. And talent, I believe, is most likely to be found among nonconformists, dissenters, and rebels.’ David Ogilvy (Confessions of an Advertising Man)
  49. ‘Well, the first rule is that you have got to have multiple thinking models—because if you have just one or two that you are using, the nature of human psychology is such that you will torture reality so that it fits your models, or at least you will think that it does.’ Charlie Munger
  50. ‘Just as in an ecosystem, people who narrowly specialize can get terribly good at occupying some little niche. Just as animals flourish in niches, similarly, people who specialize in the business world—and get very good because they specialize in the business world.’ Charlie Munger



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