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"[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. "That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don't mind (suing) the other half. They are an equal opportunity litigator."
I feel constantly the tension of the quarterly cycles, the drive to produce shareowner value at the cost sometimes of customer value and employee value. [But] if you take equal care of the employees, they will take equal care of the customers and then we will get an equal or better opportunity for our shareowners.
Remember that you can do anything you want to do. Don't let anyone say, 'You're not smart enough... it's too hard... it's a dumb idea... no one has done that before... girls don't do that.' My mom gave me that advice in 1973. And it allowed me to never worry about what others were saying about my career direction.
Kids that are allegedly better students are in an elitist class in first and second grade and then they go to their high schools, they go to their universities and the normal dumb shits like me are down at the bottom. These people go to elitist schools and they replicate their elitist thoughts in the corporations.
We typically don't talk about something until we are about to ship. Not just for AI, but for anything: the comparison is generally what we are shipping compared to what someone else is talking about that is going to happen sometime in the future. A lot of people sell futures, I guess, is the way to think about it.
I think there is a big and significant difference between being a leader and being a manager-leaders lead from the heart. You have to be analytical and flexible. Flexibility is one of the key ingredients to being successful. If you feel like it's difficult to change, you will probably have a harder time succeeding.
You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, "Won't anyone stand up and say anything nice for the deceased?" and finally someone said, "Well, his brother was worse."
Practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and (2) doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that.
I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say, 'Well, old Charlie was out in the field playing the big brass tuba on the day it rained gold.' A lot of people have become rich lately who were playing the tuba on the day it rained gold.
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.
The perception in Silicon Valley is that if you dress well, you couldn't possibly be smart, or you're in P.R. but couldn't possibly run a company. I remember briefly attempting the Adidas and jeans and sweatshirt over T-shirt look, but I realized I was trying to dress like a young tech geek, and that just wasn't me.
I think Hollywood is incredibly segregated. I've never seen any place like it. The gatekeepers who are the most progressive activists inspired to make the world better... they're better people, right? They're segregated. It's self segregated in some cases, but there's nobody Black in charge of anything in Hollywood.
I think one of the big errors people are making right now is thinking that old-style businesses will be obsolete, when actually they will be an important part of this new civilization. Some retail groups are introducing e-commerce and think that the bricks are no longer useful. But they will continue to be important.
I got to get the right people in the right job. Because a lot of costs can be taken out in the context of your administration without the legislature.For example, using technology to do more with less. Using technology to fight fraud. Reorganizing and streamlining can be done within the context of the administration.
In a world as competitive as ours, the child who does not get a decent education is condemned to the fringes of society. I think all Australians agree that this is intolerable. So we must demand as much of our schools as we do of our sports teams - and ensure that they keep the Australian dream alive for every child.
When I started the diamond business, no black person, period, was in it to do what we're trying to do to change the industry. So I like to do things that I see clearly that are in my, you know, scope. And then, I had to figure how I get talented or smart business people around me to execute. That's what I have to do.
The public/private partnerships are taking various forms in India. It is individuals who are socially oriented are setting up schools. They're setting up colleges. They're setting up universities. They're setting up primary-education schools in the villages, particularly the villages their original families came from.
Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was an established way of thinking. If you poked your head up with a new thought, the system kind of turned against you. It was everything in the way of a dysfunctional big bureaucracy that you would expect.
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.
I got to get the right people in the right job. Because a lot of costs can be taken out in the context of your administration without the legislature. For example, using technology to do more with less. Using technology to fight fraud. Reorganizing and streamlining can be done within the context of the administration.
Gaming has kind of evolved a bit. More people play on portable devices. Where we might go in the future, we'll see. Customers love games. I'm not interested in being in the console business in what is thought of as traditional gaming. But Apple is a big player today and things in the future will only make that bigger.
The reality is that if you - let's say you just pulled encryption. Let's ban it. Let's you and I ban it tomorrow. And so we sit in Congress and we say, thou shalt not have encryption. What happens then? Well, I would argue that the bad guys will use encryption from non-American companies, because they're pretty smart.
There was a moment when I was watching Martin Lawrence and Will Smith in 'Badboys' that I felt, you know, inspired. I don't know if I was proud, because so many people do the work. Everyone's part of a team that develops over the years and gives people chances. There have been some good moments watching people develop.
The real story in housing will be a recovery in the economy that will drive a recovery in housing, When people are working, when there are more jobs, more households forming and people go back to buying cars, they're going to want their apartments and homes. And that's when you'll start to see a recovery in home prices.
They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.
There are pros and cons of experience. A con is that you can't look at the business with a fresh pair of eyes and as objectively as if you were a new CEO. Fire yourself on a Friday night and come in on Monday morning as if a search firm put you there as a turn-around leader. Can you be objective and make the bold change?
There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.
In America, you keep on hearing productivity is low; secular stagnation, it's a new normal. It's just not true: We've had multiple wars; we're not educating our kids. We had government shut downs, badly-spent money, failures in the health system, failures and an extreme amount of regulation - that's why we're going slow.
Women are clearly the major consumers in far more than just female categories. It doesn't matter whether it is purchases of cars, cosmetics, or even products for men, female consumption power is the leading consumption power in the world. Any company that overlooks the woman as the decision maker is making a huge mistake.
To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.
Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that shovels sand from a river and sells it. This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world.
We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.
This is an amazingly sound place. We are more disaster-resistant than most other places. We haven't pushed it as hard as other people would have pushed it. I don't want to go back to Go. I've been to Go. A lot of our shareholders have a majority of their net worth in Berkshire, and they don't want to go back to Go either.
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.
I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.
I think anything can be forced to converge. The problem is that products are about tradeoffs, and you begin to make tradeoffs to the point where what you have left at the end of the day doesn't please anyone. You can converge a toaster and a refrigerator, but those things are probably not going to be pleasing to the user.
The international media concentrates on the famous, the big names. Al Jazeera goes to the margins, investigates stories that are still developing and in the future become very big. Why did the Arabic world love Al Jazeera? Everybody felt he was represented in the newsroom and on the screen. That kind of belonging is ours.
Like so many first generation children of Indian immigrants, I learned to believe in a dream that is as much American as it is universal: a dream of equal opportunity for all based on merit, of power concentrated not in the hands of a few at the top, but fanning across a large, educated, and civically engaged middle class.
Network news will still play an incredibly important role in this country, but the world that Peter, Tom and Dan began covering 25 years ago isn't the same world today. Technology, lifestyle and what constitutes news have all changed dramatically. I'm not saying that it is better or worse. I'm just saying that it's reality.
Somebody talked me into writing an autobiography about six or seven years ago. And I said I'd try. We talked into a tape recorder, and after a couple of months, I said, To hell with it. I was so depressed. It was like saying, 'This is the end.' I was more interested in what the hell was coming the next day or the next week.
For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.
Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something. You have poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think, "Now it has to work. If I put in just a little more, then it will work."
Being materialistic is part of the hip-hop community's nature, because jazz and blues and rock 'n' roll, when they started out in the urban communities, were about the American Dream, and the lack of opportunity in that structure. So they talked about everything - uplifting and getting what is perceived as success in America.
The evidence is inarguable that Australia is becoming too expensive and too uncompetitive to do export-oriented business. Africans want to work, and its workers are willing to work for less than $2 per day. Such statistics make me worry for this country's future. We are becoming a high-cost and high-risk nation for investment.
The one thing I have learned as a CEO is that leadership at various levels is vastly different. When I was leading a function or a business, there were certain demands and requirements to be a leader. As you move up the organization, the requirements for leading that organization don't grow vertically; they grow exponentially.
Through my studies, I became increasingly disillusioned with the international aid system. I think we systematically deny poor people the chance to engage as equals in the global economic order. At best, we give them handouts or tiny loans and hope they will suffer a bit less from extreme poverty. We don't view them as equals.
Al Jazeera should understand the societies, should understand the culture of the civilisation, should understand the dynamics of the societies, should be part of this understanding; and on the other level, Al Jazeera should concentrate on the margin rather than the centre. It means that Al Jazeera should be close to the public.
A person who sins neither in thought nor deed, and is fair and just, gains enormous courage and strength. As a leader, you need courage born of integrity in order to be capable of powerful leadership. To achieve this courage, you must search your heart, and make sure your conscience is clear and your behavior is beyond reproach.