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I think my father was sick of being on the sidelines watching a bunch of incompetents in his mind. And in our world, in our business world, these people wouldn't last five minutes in real companies, and he's sick of them making decisions that are costing our children, their children behind them, trillions of dollars and really giving up the great power that we've built up over the last 200 years.
Long distances used to be a moat that both insulated and isolated people from workers on the other side of the world. But every day, technology narrows that moat inch by inch. Every person in the world is on the verge of becoming both a coworker and a competitor to every one of us ... Technological change is going to reach out and sooner or later change something fundamental in your business world.
There are moments in our lives when we summon the courage to make choices that go against reason, against common sense and the wise counsel of people we trust. But we lean forward nonetheless because, despite all risks and rational argument, we believe that the path we are choosing is right and best thing to do. We refuse to be bystanders, even if we do not know exactly where our actions will lead.
The only way of making money is for effort. The only time I've ever lost money is when I've purposely said, "I'm doing this to make money." And I've actually on three occasions lost significant sums. I have made wealth when I've actually made a contribution to something, when I've done something I thought I could do better than somebody else or have done something better than somebody else does it.
I found that whenever I encountered a situation, rather than just reacting to it, it was tremendously useful to think carefully about how I should react to it and other situations like it. Besides providing me with more thoughtful responses in each of these cases, approaching things this way provided me and others with guidance on how to deal with similar situations when they came up in the future.
The best way to sell yourself to others is first to sell the others to yourself. Check yourself against this list of obstacles to a pleasing personality: interrupting others; sarcasm; vanity; being a poor listener; insincere flattery; finding fault; challenging others without good cause; giving unsolicited advice; complaining; attitude of superiority; envy of others' success; poor posture and dress.
I was a mere tourist with no part whatever in this great conflict; but it was my rare privilege, through an unusual train of circumstances, to witness the moving scenes that I have resolved to describe. In these pages I give only my personal impressions; so my readers should not look here for specific details, nor for information on strategic matters; these things have their place in other writings.
Nothing you do makes much of a difference if you do not have charity. You can speak with tongues, have the gift of prophecy, understand all mysteries, and possess all knowledge; even if you have the faith to move mountains, without charity it won't profit you at all.... Without charity-or the pure love of Christ-whatever else we accomplish matters little. With it, all else becomes vibrant and alive.
At the final day the Savior will not ask about the nature of our callings. He will not inquire about our material possessions or fame. He will ask if we ministered to the sick, gave food and drink to the hungry, visited those in prison, or gave succor to the weak. When we reach out to assist the least of Heavenly Father’s children, we do it unto Him. That is the essence of the gospel of Jesus Christ.
Every home is a house of learning either for good or otherwise. Family members may learn to be obedient, honest, industrious, self-reliant, and faithful in living gospel principles, or they may learn something else. Learning the gospel in the homes of Church members should be centered on the scriptures and on the words of the latter-day prophets. The Lord has commanded parents to teach their children.
To be an effective leader, you must be trustworthy. If people don’t trust you, they won’t follow you. And if they won’t follow you, your organization won’t meet its goals. Sandy Allgeier explains that personal credibility comes down to a simple truth: It’s not about the type of person you are; it’s about the types of things you do. If you want to be a great leader, read The Personal Credibility Factor.
One might ask the question: Is the mortgage interest deduction doing a better job, a worse job, if it's supposed to promote homeownership and savings? Because home ownership is the biggest form of savings in this country. Different people will look at that data and draw different conclusions, but that's just an example of the kind of thing you can pull out of USAFacts and develop a point of view about.
The fast growing markets - the BRICS and Next Eleven - are the key. The next billion consumers are not going to come from the US or Western Europe - they are coming from Asia, Latin America and Africa. Formula One follows our strategy: fast growing markets, data, and digital. All those three things Formula One has. And it involves a stunning array of companies. Now that doesn't mean there can't be more.
Thousands of experts study overbought indicators, oversold indicators, head-and-shoulder patterns, put-call ratios, the Fed's policy on money supply, foreign investment, the movement of the constellations through the heavens, and the moss on oak trees, and they can't predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack.
Hitler had an unprecedented opportunity, such as no man will ever again be offered so easily, to create something entirely new. However, besides the fact that he knows absolutely nothing about matters economic, he cannot even fully understand his economic advisers. . . . His constant worry has ever been to keep himself in power. . . . He believes that he alone is a great man, and all others non-entities.
I cannot think of a more personally rewarding and appropriate use of wealth than to give while one is living - to personally devote oneself to meaningful efforts to improve the human condition. More importantly, today's needs are so great and varied that intelligent philanthropic support and positive interventions can have greater value and impact today than if they are delayed when the needs are greater.
I once found myself conspiring with a British Cabinet Minister as to how we might persuade Her Majesty's Treasury to cough up more money for the British Travel advertising in America. Said he, "Why does any American in his senses spend his vacation in the cold damp of an English summer when he could equally well bask under Italian skies? I can only suppose that your advertising is the answer." Damn right.
Walt Disney World is tribute to the philosophy and life of Walter Elias Disney... and to the talents, the dedication, and the loyalty of the entire Disney organization that made Walt Disney's dream come true. May Walt Disney World bring Joy and Inspiration and New Knowledge to all who come to this happy place... a Magic Kingdom where the young at heart of all ages can laugh and play and learn -- together.
Once you have learned to fly your plane, it is far less fatiguing to fly than it is to drive a car. You don't have to watch every second for cats, dogs, children, lights, road signs, ladies with baby carriages and citizens who drive out in the middle of the block against the lights. . . . Nobody who has not been up in the sky on a glorious morning can possibly imagine the way a pilot feels in free heaven.
In life and business, there are two cardinal sins, the first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.
We wake up to find the whole world building competitive trade barriers, just as we found it a few years ago building competitive armaments. We are trying to reduce armaments to preserve the world's solvency. We shall have to reduce competitive trade barriers to preserve the world's sanity. As between the two, trade barriers are more destructive than armaments and more threatening to the peace of the world.
Here in the United States, the Zionists and their co-religionists have complete control of our government. For many reasons, too many and too complex to go into here at this time, the Zionists and their co-religionists rule these United States as though they were the absolute monarchs of this country. Now you may say that is a very broad statement, but let me show you what happened while we were all asleep.
Even when change is elective, it will disorient you. You may go through anxiety. You will miss aspects of your former life. It doesn't matter. The trick is to know in advance of making any big change that you're going to be thrown off your feet by it. So you prepare for this inevitable disorientation and steady yourself to get through it. Then you take the challenge, make the change, and achieve your dream.
I think the Tata Group's greatest contribution to the growth of the Indian economy and Indian industry probably happened in the pre-independence era. The Group's investments in industries such as steel, textiles, power and hotels were certainly driven by an entrepreneurial spirit, but they were driven even more, I think, by a desire to make India self-sufficient and independent of its colonial masters then.
Letting the perfect be the enemy of the good is one of the reasons we have a coal-dependent infrastructure, with the resulting environmental impact that all of us can see. I suspect environmentalists, through their opposition of nuclear power, have caused more coal plants to be built than anybody. And those coal plants have emitted more radioactive material from the coal than any nuclear accident would have.
In our own storms in life the Savior is our solace and our sanctuary. If we seek peace, we must come unto Him, the Man who suffered for mankind, who committed His life to healing the sick and comforting the disconsolate, is mindful of your sufferings, doubts, and heartaches. Living the gospel does not mean the storms of life will pass us by, but we will be better prepared to face them with serenity and peace.
How can we love days that are filled with sorrow? We can't-at least not in the moment. I don't think my mother was suggesting that we suppress discouragement or deny the reality of pain. I don't think she was suggesting that we smother unpleasant truths beneath a cloak of pretended happiness. But I do believe that the way we react to adversity can be a major factor in how happy and successful we can be in life.
Almost three years ago, when I retired, my wife and I were talking about our philanthropic work and how does one help give opportunity, particularly to kids growing up in very disadvantaged situations.And my initial kind of sense was, the government does that primarily, and what we should mostly do is pay our taxes. My wife said, no, I don't think that's quite right for us. We need to do more. We can do better.
In order to get past disagreements, you just can't have one person with power decide. In other words, so just because I'm a boss, it would be terrible if I then said, "Okay, we're gonna go do this." That's why, after that thoughtful disagreement, there has to be a process of an idea meritocracy. That means okay, now you have to vote, not that the decision resides with power. And then you vote and move beyond it.
I feel most badly, though, [because] after 10 years, I was at the company, I wanted to go back to New York where I was from. Why I didn’t go to Steve Jobs and say, ‘Steve, let’s figure out how you can come back and lead your company.’ I didn’t do that, it was a terrible mistake on my part. I can’t figure out why I didn’t have the wisdom to do that. But I didn’t. And as life has it, shortly after that, I was fired.
On the Internet, there are an unlimited number of competitors. Anybody with a Flip camera is your competition. What makes it even worse is that YouTube is willing to subsidize the cost of your bandwidth. So anybody can create and distribute for free basically, but the real cost is marketing. And that's always the big cost - how do you stand out and what's the cost of standing out? And there's no limit to that cost.
I don't like the idea of capitalism anyway. Because it's not capital we are talking about; it's knowledge and creating well-being. Because I mean, that gets people on the wrong track when it's capital and how we allocate capital - no. How do we create the Republic of Science in America? How do we have a system of mutual benefits where people succeed by helping others improve their lives? So I don't like that at all.
Deutsche Telekom was a brand that people still loved, the nerds loved it, and it was still there, it was still visible. The advertiser was OK. But it was a mess. It was in my mind, though, intuitively obvious what to do. I had some advisers and friends, and we looked at it and said all you have to do is get the iPhone, buy some spectrum, consolidate the industry, reinvigorate the brand, and take this company public.
I remember the first time we stood in this spot. We were on the deck of a boat in the middle of what was then Penny's Bay, envisioning what could be, what would be, what will be. Six years later, through our dream partnership with Hong Kong government, the creative dream is now a reality. Hong Kong Disneyland stands before us as a living symbol of the creativity and imagination that are the heart and soul of Disney.
I think the President Donald Trump was quite clear in his statement that he made to the American people that Syria's continued violations of U.N. resolutions and previous agreements that Syria had entered into regarding the Chemical Weapons Accord would no longer be tolerated. I think we have stood by and watched multiple weapon - chemical weapons attacks by the Syrian regime under the leadership of Bashar al-Assad.
Bernie [Ecclestone] has not been shy to say one or two controversial things. The last person in the UK who described his product as being crap in public was one Gerald Ratner - and he was gone immediately. But not Bernie! What it tells you is that the demand for live sporting rights, the demand for global or regional events, is so powerful that you brush aside some things because there aren't so many of these events.
I think there are lots of opportunities to improve the product. When you read the press, people say, "Oh, the product needs improvement." I look at that and say, "Hey, that's an exciting thing to get behind!" Because they can improve that product. That leaves more upside from an innovation and revenue potential than you're gonna find in a lot of places. So you could say that's a downside, I see that as an opportunity.
If I have learned one thing from life, it is that race is the engine that drives the political Left. When all else fails, that segment of America goes to the default position of using race to achieve its objectives. In the courtrooms, on college campuses, and, most especially, in our politics, race is a central theme. Where it does not naturally rise to the surface, there are those who will manufacture and amplify it.
Russian people really don't like it when somebody does horrible things in Russia, and then can calmly go travel to another country and spend time there. And this is what needs to be done: the Russian people need to be told this, because in today's world, just doing something is not enough. You've got to tell about it, too. If you've done something and haven't told about it, it's as good as if you hadn't done it at all.
There is nothing else that so kills the ambitions of a person as criticisms from superiors. I never criticize anyone. I believe in giving a person incentive to work. So I am anxious to praise but loath to find fault. . . . I have yet to find a person, however great or exalted his station, who did not do better work and put forth greater effort under a spirit of approval than he would ever do under a spirit of criticism.
If you look at the rights situation - what media companies pay - then you see that the rights prices continue to rise for powerful sports. Now what does that tell you? It tells you that the demand amongst global and local sponsors for these kinds of sports is immense, even if there is controversy attached to them like FIFA - who would definitely be number one on that list, though F1 has also been somewhat controversial.
A price drop in a good stock is only a tragedy if you sell at that price and never buy more. To me, a price drop is an opportunity to load up on bargains from among your worst performers and your laggards that show promise. If you can't convince yourself "When I'm down 25 percent, I'm a buyer" and banish forever the fatal thought "When I'm down 25 percent, I'm a seller," then you'll never make a decent profit in stocks.
I don't measure success in numbers, but I consider my contributions of more than $1.3 billion to various causes over the years to be one of my proudest accomplishments and the best investment I've ever made. Those dollars have improved lives, saved species, fought disease, educated children, inspired change, challenged ideas and opened minds; at the time of my death, virtually all of my wealth will have gone to charity.
My single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country. . .you're already seeing things in the markets that are suggesting that confidence in the dollar is waning. . .I think you could see a 25% reduction in the standard of living in this country if the U.S. dollar was no longer the world's reserve currency. That's how valuable it is.
Another activity that can detract us from the proper way is watching television excessively or viewing improper movies. While fine productions on these media are uplifting and entertaining, we need to be very selective in choosing what we see and how much of our time such an activity deserves. Our precious time must not be diverted to the sideline attractions of vulgar language, immoral conduct, pornography, and violence.
First, let's look at the importance of the young adult in the cigarette market. In 1960, this young adult market , the 14 to 24 age group, represented 21% of the population. As seen by this chart, they will represent 27% of the population in 1975, they represent tomorrow's cigarette business, as this 14 -24 age group matures, they will account for a key share of the total cigarette volume -- for at least the next 25 years .
The recent trading environment has felt something like walking into a place and having a sense that something is wrong and dangerous but not knowing exactly what will happen or when. “QE Infinity” has so distorted the prices of stocks and bonds that nobody can possibly determine what the investing landscape would look like, or what the condition of the economy and financial system would be, in the absence of Fed bond-buying.
To do the right thing, at the right time, in the right way; to do some things better than they were ever done before; to eliminate errors; to know both sides of the question; to be courteous; to be an example; to work for the love of work; to anticipate requirements; to develop resources; to recognize no impediments; to master circumstances; to act from reason rather than rule; to be satisfied with nothing short of perfection.
What hermeneutics teaches is that progress comes from being exposed to different points of views because there's no point of view that is right for all situations and all times. And even if it's superior to the others, you can enrich it by drawing on others or thinking: "Why is that wrong and how do I improve my approach? How do I come up with a better approach?" So that's essential for innovation just like it is in technology.
If you make something good, eventually the audience will be there, eventually there will be something on the Internet that is a cultural phenomenon that's not available anywhere else, that's not available on television broadcasts, that's not on cable, it's only on some Web site. And the world will find it. And when that happens, it will be what the 'kiss' was to the theatrical movie business, 5,000 years ago or whenever it was.