Courage and success

Whenever you see a successful business, someone once made a courageous decision.

Peter F. Drucker – Austrian-born management expert (1909-2005), Quotations book 2016

Listen

Most of the successful people I’ve known are the ones who do more listening than talking.

Bernard M. Baruch – American financier, adviser to several American presidents (1870-1965), Quotations book 2010

Wealth needs patience

Dishonest money dwindles away, but he who gathers money little by little makes it grow.

The Bible, Proverbs 13:11 (NIV) – Quotations book 2010

Cosmopolitanism

Common sense tells you that you will find more and sometimes better investment opportunities if you search everywhere in the world.

Sir John Marks Templeton – British value investor and philanthropist (1912-2008), Quotations book 2010

Vision and Success

Every vision begins with a mental journey;

each success begins with making it reality.

Motto – Quotations book 2010

Forgive

One of the secrets of a long and fruitful life is to forgive everybody everything every night before you go to bed.

attributed to Bernard M. Baruch – American financier, adviser to several American presidents (1870-1965), Quotations book 2010

Simplify

Making the simple complicated is commonplace; making the complicated simple, awesomely simple, that’s creativity.

attributed to Charles Mingus – American jazz musician and composer (1922-1979), Quotations book 2010

Speculation

Speculation…is neither illegal, immortal nor un-American. But is not a game in which Charlie and I wish to play. We bring nothing to the party, so why should we expect to take anything home?

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2010

Risk-taking

If you sleep on the floor you are not afraid of falling out of the bed.

Wisdom – Quotations book 2010

Price and value

Share prices fluctuate more than share values.

Sir John Marks Templeton – British value investor and philanthropist (1912-2008), Quotations book 2010

Consistent

Experience is not enough in itself – it has to be weighed, ordered and digested, and we have to draw the right conclusions from it.

Michel de Montaigne – French writer and philosopher (1533-1592), Quotations book 2010

Church

The church is a hospital for sinners, not a museum for saints.

attributed to Abigail van Buren – born Pauline Esther Friedman, American advice columnist

(1918-2013), Quotations book 2010

Candle

A candle loses nothing by lighting another candle.

Proverb – Quotations book 2010

Buy and sell

To buy when others are despondently selling and to sell when others are greedily buying requires the greatest fortitude and pays the greatest ultimate reward.

Sir John Marks Templeton – British value investor and philanthropist (1912-2008), Quotations book 2010

Journalists

The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves and the better the teacher, the better the student body.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2010

Watchword 2010

Do not let your hearts be troubled. Believe in God, believe also in me.

The Bible, John 14:1 (NRSV) – Quotations book 2010

The Protestant pastor and song writer Otto Riethmüller (1889-1939) – he belonged to the Confessing Church – decided in 1930 under the impression of the Nacional Socialism’s propaganda, to give henceforth every calendar year a headline with a Bible verse. An act of civil courage! He has established a tradition that still exists today. Meanwhile, the annual solution is set by the Ecumenical Association for Bible Reading (Ökumenische Arbeitsgemeinschaft für Bibellesen) three years in advance.

Fear of God

The fear of God is a fountain of life, turning a man from the snares of death.

The Bible, Proverbs 14:27 (NIV) – Quotations book 2010

Faith

Faith is a kind of winged intellect. The great workmen of history have been men who believed like giants.

attributed to Charles Henry Parkhurst – American clergyman (1842-1933), Quotations book 2010

Greed

A greedy man brings trouble to his family, but he who hates bribes will live.

The Bible, Proverbs 15:27 (NIV) – Quotations book

Past

Those who cannot remember the past are condemned to repeat it.

George Santayana – born Jorge Augustín Nicolás Ruiz de Santayana, Spanish philosopher (1863-1952), from “Reason in Common Sense” (1906), the first book of “The Life of Reason”, Quotations book 2010

Attraction of money

Money has an attraction for some people, but nobody can wear two pairs of shoes at one time.

Charles Feeney – Irish-American businessman, co-founded the DFS Duty Free Shops chain and General Atlantic Partners (b. 1931), Quotations book 2010

Money

It’s never too early to teach your children about the tool of money. Teach them how to work for it and they learn pride and self-respect. Teach them how to save it and they learn security and self-worth. Teach them how to be generous with it and they learn love.

attributed to Judith Jamison – American dancer and choreographer (b. 1943), Quotations book 2010

Give

Give naught, get same. Give much, get same.

attributed to Malcolm S. Forbes – American publisher, Forbes Magazine (1919-1990), Quotations book 2010

Happiness and grief

A happy heart makes the face cheerful, but heartache crushes the spirit.

The Bible, Proverbs 15,13 (NIV) – Quotations book 2010

Faithraising instead of fundraising

Saddleback doesn’t do fundraising. For us, it’s all about faithraising. Why? Because we believe GOD is primarily interested in growing our faith, not getting our money. We also believe that if the first happens, the second will naturally occur.

Forrest Reinhard – pastor of the Saddleback Community Church, Lake Forest, California (b. 1958), Quotations book 2010

Experience

Ask for the ancient paths, ask where the good way is, and walk in it, and you will find rest for your souls.

The Bible, Jeremiah 6,16 (NIV) – Quotations book 2010

Attitude toward money

If a person gets his attitude toward money straight, it will help straighten out almost every other area in his life.

attributed to Billy Graham – born William Franklin Graham jr., American evangelist (1918-2018), Quotations book 2010

Simplicity

Keep things simple and take them seriously – simplicity is the end result of long hard work, not the starting point.

realization – Quotations book 2010

Live simply

We should travel light and live simply. Our enemy is not possessions but excess.

Dr. John W. Stott – British pastor and author (1921-2011), Quotations book 2010

Property

Property is the fruit of labor – property is desirable – it is a positive good in the world. That some should be rich, shows that others may become rich, and hence is just encouragement to industry and enterprise.

Abraham Lincoln – American politician, 1861-65 16th president (1809-1865), from a speech at the New York Workingmen’s Democratic Republican Association, after they appointed him honorary president (merch 21st, 1864), Quotations book 2010

Opportunities

Opportunities are like sunrises.
If you wait too long, you miss them.

Dr. William Arthur Ward – American writer (1921-1994), Quotations book 2010

Profit and cash

Net profit is an opinion.

Cash is a fact.

Whitney R. Tilson – American hedge fonds manager (b. 1966), Quotations book 2010

Age

The older the fiddler, the sweeter the tune.

English proverb – Quotations book 2010

Making mistakes

A businessman once gave me some good advice. “You will always make mistakes, but it is possible to go through life making mistakes and they will do your business little or no harm. This is because the trick is to spot the mistake early and deal with it.”

Lord Ashcroft (*1946) – British entrepreneur and politician of the “Conservative Party”

Geniusses

All geniusses are leeches, so to speak. They feed from the same source – the blood of life … We all derive from the same source. There is no mystery about the origin of things. We are all part of creation, all kings, all poets, all musicians; we have only to open up, only to discover what is already there.

Henry Miller – American writer and painter  (1891-1980), from “Sexus” (1949)

Live

Live your life, as if you are gonna die.

attributed to William Shatner – Canadian actor (b. 1931)

Truth

Let us, then, be what we are, and speak what we think, and in all things keep ourselves loyal to the truth.

Henry Wadsworth Longfellow – American poet (1807-1882), from „The Courtship of Miles Standish“ (1858)

Stay young

A person is not old until regrets take the place of dreams.

John Barrymore – American actor (1882-1942), as quoted in the biography “Good Night, Sweet Prince: The Life and Times of John Barrymore” by Gene Fowler (1949)

Perfect Church

If you wait for a perfect church, you must wait until you get to heaven; and even if you could find a perfect assenbly on earth, I am sure they would not admit you to their fellowship, for you are not perfect yourself.

Charles Haddon Spurgeon – English baptist pastor (1834-1892), from “Additions to the Church”, Predigt 1167 (1874)

Resolve

Resolve and thou art free.

Henry Wadsworth Longfellow – American poet (1807-1882), from “The Masque of Pandora”, part VI “In the Garden” (1875)

Prayers

Thy prayers are all filed in heaven, and if not immediately answered they are certainly not forgotten.

Charles Haddon Spurgeon – English Baptist pastor (1834-1892), from “Morning and Evening: Daily Readings” (1866), Quotations book 2016

Decisions

Keep focused on the substantive issues. To make a decision means having to go through one door and closing all others.

Abraham Zaleznik – American professor (Harvard Business School) and social psychologist (1924-2011)

Obstacles

Obstacles are those frightful things you see when you take your eyes off the goal.

attributed to Henry Ford – American engineer and industrialist (1863-1947)

Prowess

One of the greatest discoveries a man makes, one of his great surprises, is to find he can do what he was afraid he couldn’t do.

attributed to Henry Ford – American engineer and industrialist (1863-1947)

Competition

The competitor to be feared is one who never bothers about you at all, but goes on making his business better all the time.

Henry Ford – American engineer and industrialist (1863-1947)

Hard work

Business is never as healthy as when, like a chicken, it must do a certain amount of scratching for what it gets.

Henry Ford – American engineer and industrialist (1863-1947), from “My Life and Wark” (1922)

Money

There are a thousand possibilities to “waste” money but only two ways to earn it: Either we work for it – or the money works for us.

attributed to Bernard M. Baruch – American financier, adviser to several American presidents (1870-1965)

Individuality

During my eighty-seven years I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.

Bernard M. Baruch – American financier, adviser to several American presidents (1870-1965)

Correctness

Every man has a right to be wrong in his opinions. But no man has a right to be wrong about his facts.

attributed to Bernard M. Baruch – American financier, adviser to several American presidents (1870-1965)

Moral Values

Without commonly shared and widely entrenched moral values and obligations, neither the law, nor democratic government, nor even the market economy will function properly.

Vaclav Havel – Czech writer and politician, 1993-2003 president of the Czech Republik (1936-2011)

Market-economy

Though my heart may be left of centre, I have always known that the only economic system that works is a market economy, in which everything belongs to someone – which means that someone is responsible for everything. It is a system in which complete independence and plurality of economic entities exist within a legal framework, and its workings are guided chiefly by the laws of the marketplace. This is the only natural economy, the only kind that makes sense, the only one that can lead to prosperity, because it is the only one that reflects the nature of life itself..

Vaclav Havel – Czech writer and politician, 1993-2003 president of the Czech Republik (1936-2011)

Aims

I hope that I may always desire more than I can accomplish.

attributed to Michelangelo – born Michelangiolo Buonarroti Simoni, Italian skulptor, painter, architect and poet (1475-1564)

Boldness

The man who goes farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore.

Dale Carnegie – born Dale Carnagey, American author and personality coach (1888-1955)

Trust

I said to the man who stood at the Gate of the Year, “Give me a light that I may tread safely into the unknown.”

And he replied, “Go out into the darkness and put your hand into the hand of God. That shall be to you better than a light safer than a known way.”

Minnie Louise Haskins – British sociologist at the London School of Economics (1875-1957)

Power is dispensable

You need power only when you want to do something harmful. Otherwise, love is enough to get everything done.

attributed to Sir Charles S. „Charlie“ Chaplin – british actor (1889-1977), could not be verified by the Chaplin Association

Christmas

What is Christmas? It is tenderness for the past, courage for the present, hope for the future. It is a fervent wish that every cup may overflow with blessings rich and eternal, and that every path may lead to peace.

attributed to Agnes M. Pharo – American author (1904-1985)

Gifts

Talent is God given. Be humble.
Fame is man-given. Be grateful.
Conceit is self-given. Be careful.

John Wooden – American Basketball player and coach (1910-2010)

Meaning of life

Love your calling with passion, it is the meaning of your life.

attributed to François-Auguste-René Rodin – French sculptor (1840-1917)

Economic Growth

Economic growth not only increases material living standards; it shapes the moral character of people and society.

Benjamin M. Friedman – American economist (b. 1944)

Bend history

Few will have the greatness to bend history, but each of us can work to change a small portion of the events, and then the total — all of these acts — will be written in the history of this generation.

Robert Francis “Bobby” Kennedy – American jurist and senator (1925-1968), from the “Day of Affirmation speech” at the Cape Town university, South Africa in June 1966

Character test

Most people can bear adversity, but if you wish to know, what a man really ist, give him power.

Robert G. Ingersoll – American jurist and orator (1833-1899); about Abraham Lincoln, American politician, 1861-65 16th president (1809-1865), from “True Greatness Exemplified in Abraham Lincoln” (1883)

Friendship

Ὧν ἡ σοφία παρασκευάζεται εἰς τὴν τοῦ ὅλου βίου μακαριότητα, πολὺ μέγιστόν ἐστιν ἡ τῆς φιλίας κτῆσις.

Epicurus from Samos – Greek philosopher (341-270 B. C.); from “Lives and Opinions of Eminent Philosophers” (Book ten, Epicurus) by Diogenes Laërtius (Greek historian and doxographer, 3rd century CE)

Courage

Similarly, in the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at Hand.

Benjamin Graham – born Benjamin Großbaum, American investor and inventor of systematic stocks analysis (1894-1976), from “The Intelligent Investor” (1949)

Health more important than money

Some people waste their lives in the constant pursuit of great wealth. As a commodity, let’s face it, money doesn’t rate as high as good health – and it certainly isn’t up there with great art.

Roy R. Neuberger – American financier and art collector (1903-2010)

Investing

Investing is easier than you think, but harder than it looks.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Risk

These people risked something they had and needed for something they did not have and did not need.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), on the collaps of the LTCM hedge fonds (Long Term Capital Management), found on youtube: “Warren Buffett MBA talk”

Investments

The art of investing in public companies successfully is little different from the art of successfully acquiring subsidiaries. In each case you simply want to acquire, at a sensible price, a business with excellent economics and able, honest management. Thereafter, you need only monitor whether these qualities are being preserved.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Look forward

My partner Charlie and I never look back; we have so much to look forward to that it does not make sense to look back.

Warren Buffet – American value investor, Chairman of Berkshire Hathaway (b. 1930), found on youtube: “Warren Buffett MBA Talk”

Being right

We do not get paid for activity, just for being right.

Warren Buffet – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Attractive

We love owning common stocks – if they can be purchased at attractive prices. Unless, however, we see a very high probability of at least 10% pre-tax returns, we will sit on the sidelines.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Investment opportunities

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Beta-risk

If someone starts talking to you about beta, zip your pocketbook … there are two kinds of risk: 1) The risk that you could get a better return on your money elsewhere (opportunity cost) and 2) the risk of permanent capital impairment (financial health).

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Easy things

I have seen no trend towards value investing in the 35 years that I’ve practiced it. There seems to be some perverse human characteristic that likes to make easy things difficult.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Money and character

Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Sound investing

(Benjamin Graham) wasn’t about brilliant investments and he wasn’t about fads or fashion. He was about sound investing and I think sound investing can make you very wealthy if you’re not in too big of a hurry. And it never makes you poor, which is better.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Arbitrage

Give a man a fish and you feed him for a day. Teach him how to arbitrage and you feed him forever.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Price and value

Price is what you pay. Value is what you get.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Reputation

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Market fluctuations

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

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Simplicity

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Successful stock

If a business does well, the stock eventually follows.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Broker not partner

If you think you can dance in and out of stocks I want to be your broker not your partner.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Obsession

Our prototype for occupational fervor is the Catholic tailor who used his small savings of many years to finance a pilgrimage to the Vatican. When he returned, his parish held a special meeting to get his firsthand account of the Pope. “Tell us,” said the eager faithful, “just what sort of fellow is he?” Our hero wasted no words. “He’s a forty-four medium.“

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), from “Warren Buffett’s Management Secrets” (2009)

Cut-throat competition

It is hard to make money where others are prepared to loose it.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Invest in Businesses

The basic ideas of investing are to look at stocks as businesses, use market fluctuations to your advantage and seek a margin of safety. That’s what Ben Graham taught us… A hundred years from now they will still be the cornerstones of investing.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Quality of Managemant

We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We’ve never succeeded in making a good deal with a bad person.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Margin of Safety

You have to have the knowledge to enable you to make a very general estimate about the value of the underlying business. But you do not cut it close. That is what Ben Graham meant by having a margin of safety. You don’t try and buy businesses worth $83 million for 80$ million. You leave your self an enormous margin.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Economic moat

Look for the durability of the franchise. The most important thing for me is figuring out how big a moat there is around a business. What I love, of course, is a big castle and a big moat with piranhas and crocodiles.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)

Creation

In the beginning God created the heavens and the earth. Now the earth was formless and empty, darkness was over the surface of the deep, and the Spirit of God was hovering over the waters. And God said, “Let there be light”, and there was light. God saw the light was good, and he separated the light from the darkness.

The Bible, Genesis 1-4 (NIV) – Quotations book 2005

Lifelong investing

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insight, or inside information. What’s needed is a sound intellectual framework for decisions and the ability to keep emotions from corroding that framework.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2005

Humanity

For attractive lips, speak words of kindness.
For lovely eyes, seek out the good in people.
For a slim figure, share your food with the hungry.
For beautiful hair, let a child run his/her fingers through it once a day.
For poise, walk with the knowledge that you never walk alone.
People, even more than things, have to be restored, renewed, revived, reclaimed, and redeemed; never throw out anyone.
Remember, if you ever need a helping hand, you will find one at the end of each of your arms.
As you grow older, you will discover that you have two hands; one for helping yourself, and the other for helping others.

Audrey Hepburn – American actress (1929-1993), Quotations book 2005

Quality

Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for. A product is not quality because it is hard to make and costs a lot of money, as manufacturers typically believe. This is incompetence. Customers pay only for what is of use to them and gives them value. Nothing else consitutes quality.

Peter F. Drucker – Austrian-born American management expert (1909-2005), Quotations book 2005

Make decisions

It’s not hard to make decisions when you know what your values are.

Roy E. Disney – American film producer, nephew of Walt Disney (1930-2009), Quotations book 2005

Success

Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome while trying to succeed.

Booker T. Washington – American educator, social reformer and civil rights activist (1856-1915)

Dreams

If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.

Henry David Thoreau – American writer (1817-1862), from “Walden” (1854)

Day of rejoicing

This is the day the Lord has made; let us rejoice and be glad in it.

The Bible, Psalm 118,24 (NIV)

Excellence

Every job is a self-portrait of the person who did it. Autograph your work with excellence.

Motivation

Bible

It ain’t those parts of the bible that I can’t understand that bother me, it is the parts that I do understand.

attributed to Mark Twain – born Samuel Langhorne Clemens, American writer (1835-1910)

Weather

Everybody talks about the weather, but nobody does anything about it.

Slogan – often attributed to Mark Twain, born Samuel Langhorne Clemens, American writer (1835-1910)

Root of all Evil

I have found the root of all the trouble to be the neglect of prayer. The first renewal in the society must begin with prayer.

Mother Teresa – born Agnes Gonxha Bojaxhiu, Albanian-born Indian nun and order’s founder, Nobel Peace Prize 1979 (1910-1997)

Entrepreneurs

Entrepreneurs recognize and pursue opportunity without regard to the resources they currently control. They find creative ways to acquire the resources to achieve their goals.

Robert Reiss – American radio host, founder of the “The CEO-Show” (b. 1961)

Success

The secret of success is constancy to purpose.

Benjamin Disraeli – English writer and politician, 1868 and 1874-80 Prime Minister (1804-1881), feam a banquet speech at the National Union of Conservative and Constitutional Associations on June 24th, 1872

Growth

Every now and then a man’s mind is stretched by a new idea or sensation, and never shrinks back to its former dimensions.

Oliver Wendell Holmes, Sr. – American physician and writer (1809-1894), from “The Autocrat of the Breakfast Table”, Capitel 11 (1858)

Lies

A lie will fly around the whole world while the truth is getting its boots on.

attributed to Mark Twain – Born Samuel Langhorne Clemens, American writer (1835-1910)

Atmosphere

You can’t have a great place to shop without first making it a great place to work.

Stew Leonard, Sr. – American entrepreneur, founded Stew Leonard’s super markets (b. 1929)

God’s gift

What you are is God’s gift to you.
What you make of yourself is your gift to God.

Proverb

Wall Street

Wall Street hasn’t really changed all that much. It still operates on the principle of taking care of itself first, really big and important customers second, everyone else last.

Allan Sloan – American journalist (b. 1944), in “Lessons of the crash of ’08”, Fortune Magazine, September 28th 2009

Virtues

Hard work, honesty, if you keep at it, will get you almost anything.

Charlie Munger – Vice Chairman of Berkshire Hathaway (b. 1924)

Enough

Well, I think there’s one big truth that the typical investment counselor will have difficulty recognizing, but the guy who’s investing his own money ought to have no trouble recognizing. If you’re comfortably rich and you’ve got a way of investing your money that is overwhelmingly likely to keep you comfortably rich and someone else finds some rapidly growing something-or-other and is getting richer a lot faster than you are, that is not a big tragedy.

Charlie Munger – Vice Chairman of Berkshire Hathaway (b. 1924)

Philosopher’s stone

If you know how to spend less than you get, you have the philosopher’s stone.

Benjamin Franklin – American politician, writer and scientist (1706-1790), from “Poor Richard’s Almanac” (1736)

Act

To obtain better results than the others, you must do someting different than the others.

attributed to Sir John Marks Templeton – British value investor and philanthropist (1912-2008), Quotations book 2016

Gratitude

An attitude of gratitude creates blessings.

attributed to Sir John Marks Templeton – British value investor and philanthropist (1912-2008)

Standard of knowledge

If we become increasingly humble about how little we know, we may be more eager to search.

Sir John Marks Templeton – British value investor and philanthropist (1912-2008)

Invest

Invest at the point of maximum pessimism.

Sir JohnMarks Templeton – British value investor and philanthropist (1912-2008), Quotations book 2005

Expensive words

The five most expensive words in investing are, this time it is different.

Sir John Marks Templeton – British value investor and philanthropist (1912-2008)

Charity

Each one should use whatever gift he has received to serve others, faithfully administering God’s grace in its various forms.

The Bible, 1. Peter 4,1 (NIV)

Doctors

The best doctors in the world are Dr. Diet, Dr. Quiet and Dr. Merryman.

Jonathan Swift – Irsh-born English writer (1667-1745), from “Polite Conversation” (1738)

Du Good

Do all the good you can,

by all the means you can, in all the ways you can,

in all the places you can,

to all the people you can, as long as ever you can.

attributed to John Wesley – English preacher (1703-1791), known as “John Wesley’s Rule”

Learning

It is impossible to open a book without learning something.

Chinese wisdom

Simple

Out of the freedom from worry that God’s generosity provides comes an impulse toward simplicity rather than accumulation.

John Piper – American pastor and author (b. 1946)

Reputation

It is better to lose your time than to lose your character.

Jamaican proverb

Requirements

We act as though comfort and luxury were the chief requirements in life, when all we need to make us really happy is something to be enthusiastic about.

attributed to Charles Kingsley – English clergyman, theologian and writer (1819-1875)

Difficulties

Difficulties exist to be surmounted.

Ralph Waldo Emerson – American writer (1803-1882), frrom a speech at Cambridge, July 18th, 1867

Starting minds

Mr. Drucker ist one of those writers to whom almost anything can be forgiven because he not only has a mind of his own, but has the gift of starting other minds along a stimulating line of thought.

Sir Winston L. Churchill – British politician, 1940-45 and 1951-55 Prime Minister, Nobel Prize in literature 1953 (1874-1965), about Peter F. Drucker, Austrian-born management expert (1909-2005)

Hope

Hope is a waking dream.

attributed to Aristotle – Greek philosopher (384-322 B.C.), found in Diogenes Laërtius’ (Greek historian and doxographer, 3rd century CE) “Lives and Opinions of Eminent Philosophers” (Book 5, The Peripatetics)

God’s Thoughts

I want to know His (God’s) thoughts, the rest are details.

Albert Einstein – German physicist, Nobel prize in physics 1921 (1879-1955), from the interview “A Talk with Einstein” with Esther Salaman, 1955

True friendship

You only love your friend truly, when you love God in your friend, either because he is in him, or in order that he may be in him.

Augustine of Hippo – known as Aurelius Augustinus, early Christian theologian and philosopher, one of the four Latin Doctors of Church (354-430), Sermon 336,2

Poverty

The poor stay poor not because they are lazy, but because they have no access to capital.

attributed to Milton Friedman – American economist, Nobel Memorial Prize in economic sciences 1976 (1912-2006)

Goals

People are not lazy. They simply have impotent goals – that is, goals that do not inspire them.

attributed to Anthony Robbins – American author and motivational speaker (*1960)

Constraints in conglomerates

There ain’t no nice guys in big business.

attributed to Carl Cecilian Icahn – american millionaire and investor (b. 1936)

Riches

The greatest good you can do for another is not just to share your riches but to reveal to him his own.

attributed to Benjamin Disraeli – English writer and politician, 1868 and 1874-80 Prime Minister (1804-1881)

Wishes

A lot of people are afraid to say what they want. That’s why they don’t get what they want.

Madonna – born Madonna Louise Ciccone, American singer, actress, songwriter, dancer, author and director (b. 1958)

Act justly

Fear God – act justly and dread no one

Slogan by Rickmer Clasen Rickmers – German shipyard owner and shipping-line founder (1806-1886)

Contrast

I have lerned silence from the talkative, toleration from the intolerant, and kindness from the unkind; yet, strange, I am ungrateful to those teachers.

Khalil Gibran – Lebanese Maronite poet, philosopher and artist, aka Kahlil Gibran (1883-1931), from „Sand and Foam” (1926)

Need for support

It is error alone which needs the support of government. Truth can stand by itself.

Thomas Jefferson – American politician, 1801-1909 third president and member of the American Enlightment movement (1743-1826), from Notes on Virginia, Query 17 (1782)

Do it now

Our grand business undoubtedly is, not to see what lies dimly at a distance, but to do what lies clearly at hand.

Thomas Carlyle – Scottish essayist and historian (1795-1881), from “Signs of Times” (1829)

Pride and haughty spirit

Pride goes before destruction, a haughty spirit before a fall.

The Bible, Proverbs 16,18 (NIV)

Wisdom and diligence

Those who are wise won’t be busy, and those who are too busy can’t be wise.

Lin Yutang – Chinese philosopher (1895-1976), from “The Importance of Living” (1937)

Venture Capital

I must say that a small investment company is one of the toughest things I ever attempted to do. There’s no business in this world that’s more difficult than backing bright young engineers and guys who think they’ve got a new product but aren’t good businessmen.

Royal Little – American entrepreneur, founded Textron in 1923, father of modern conglomerate companies (1896-1989)

Investment

All intelligent investing is value investing – to acquire more than you are paying for. Investing is where you find a few great companies und then sit on your ass.

Charlie Munger – Vice Chairman of Berkshire Hathaway (b. 1924), at the Berkshire Annual General Meeting 2000

Moral and economy

If moral represents an ideal world, economy shows the real world.

Steven D. Levitt – American economist and author (b. 1967)

Basic Value

Start each day from last night’s close, not your original costs.

Trading rule

Patience

I just wait until there is money lying over in the corner, and all I have to do is go over there and pick it up.

James “Jim” Rogers – American star investor (b. 1942)

Trigger

A mighty flame evolves from a tiny spark.

Dante Alighieri – Italian writer (1265-1321)

Gratitude

He that has satisfied his thirst turns his back on the well.

Baltasar Gracián y Morales – Spanish philosopher and author (1601-1658)

Price of greatness

The price of greatness is responsibility.

Sir Winston L. Churchill – British politician, 1940-45 and 1951-55 Prime Minister, Nobel Prize in literature 1953 (1874-1965)

Margin of Safety

We are not paid by our customers to hold stocks without a margin of safety.

Amit Wadhwaney – American fund manager (b. 1953)

Follow-through

Those who are blessed with the most talent don’t necessarily outperform everyone else. It’s the people with follow-through who excel.

Mary Kay Ash – American entrepreneur, founder of Mary Kay Cosmetics and philanthropist (1915-2001), from “Mary Kay on People Management”, page 57 (1985)

Theorists

If economists wished to study the horse, they wouldn´t go and look at horses. They´d sit in their studies and say to themselves, “what would I do if I were a horse?”

attributed to Ely Devon – british economist (1913-1967)

Responsibility

Love means that life has no meaning except in terms of responsibility; responsibility toward our family, toward our nation, toward our civilization, and now, by the pressures of history, toward the universe of mankind, which includes our enemies.

attributed to Reinhold Niebuhr – German-Born American theologian (1892-1971)

Being wrong

Being wrong is acceptable, but staying wrong is totally unacceptable.

Wisdom

Laws

Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place.

Frédéric Bastiat – French economist and journalist (1801-1850)

Fortune

Fortune doesn’t change a man, it only unmasks him.

Proverb

Pleasure

Pleasure is the only thing to live for. Nothing ages like happiness.

Oscar Wilde – Irish writer (1854-1900), published in “Chamäleon” (1894)

Crisis

The word crisis in Chinese is composed of two characters: the first is the symbol of danger… the second of opportunity.

from the dictionary

Diligence

Whatever is worth doing at all, is worth doing well.

Philip Dormer Stanhope, 4th Earl of Chesterfield – British statesman (1694-1773), in a letter to his son from October 9th, 1746

Greatness

It is not important how big your house is but your heart.

Proverb

Good theories

I like good theories. They work better.

often falsely attributed to Albert Einstein

Learning

A man only learns in two ways, one by reading, and the other by association with smarter people.

William Penn Adair “Will” Rogers – American humorist (1879-1935)

Give the best

Give to the world the best you have, and the best will come back to you.

Madeline Bridges – born Mary Ainge de Vere, American poet (1844-1920)

Money

Money is a great treasure that only increases as you give it away.

attributed to Sir Francis Bacon – English philosopher, politician and writer (1561-1626), Quotations book 2018

Patience

Patience is bitter, but its fruit is sweet.

Wisdom

Investing

Investing in a market sector simply because “it’s done so well” is like choosing to plant corn in October because your neighbor’s corn has grown so well since April.

Ronald H. “Ron” Muhlenkamp – American investor, fund Manager and author, founder of Muhlenkamp & Company (b. 1944)

Riches

Riches enlarge rather than satisfy appetites.

attributed to Thomas Fuller – English monk and author (1608-61)

Bequeath

I would as soon leave to my son a curse as the almighty Dollar.

Andrew Carnegie – Scottish-born American steel industrialist (1835-1919), from “The Gospel of Wealth” (1889)

Life

For those who are faithful to you, Lord, life is not lost but changed.

from the Catholic requiem

Satisfying life

Believing in our hearts that who we are is enough is the key to a more satisfying and balanced life.

Ellen Sue Stern – American life advisor and author (b. 1954)

Why?

I’ve just been a machine for making money. I seem to have spent my life in a golden tunnel looking for the outlet which would lead to happiness. But the tunnel kept going on. After my death there will be nothing left.

attributed to Aristoteles Onassis – Greek reeder (1906-1975), known as one of the richest menin his time

What the world needs

Don’t ask yourself what the world needs. Ask yourself what makes you come alive, and go do that, because what the world needs is people who have come alive.

John Eldredge – American christian counsellor and author (b. 1960)

Why God loves

God loves us not because we are lovable, but because He ist love.

C. S. Lewis – Britisch writer (1898-1963), from Collected Letters of C.S. Lewis: Volume III, Letter to Mary Van Deusen, May 25, 1951

Spiritually poor

This country cannot afford to be materially rich and spiritually poor.

John F. Kennedy – American politician, 1961-63 35th president (1917-1963), from his State of the Union Address on January 14th, 1963

Creating value

Many managers wonder why we create value where they don’t succeed. That is due to the factors we talked about: The 100-day plan, the measuring systems, entrepreneurial mentality that we encourage and our way of control.

Henry Kravis – American private equity manager (KKR) (b. 1944)

Greediness and idolatry

If anyone does not refrain from the love of money, he will be defiled by idolatry and so be judged as if he were one of the heathen.

Polycarp of Smyrna -early Christian theologian, Bishop of Smyrna, one of the Apostolic Fathers(ca.69/70 – ca. 155/156), in his letter to the Philippians

God’s work

God’s work done in God’s way will never lack God’s supply.

James Hudson Taylor – English missionary in China (1832-1905)

Employ money

If a man is proud of his wealth, he should not be praised until it is known, how he employs it.

attributed to Socrates – Greek philosopher (469-399 v. Chr.)

Kingdom of Heaven

If we think that heaven is our country, we should send our wealth thither rather than reatin it here, where on our sudden daparture it will be lost to us.

John Calvin – born Jean Cauvin, French reformator and founder of the Calvinism (1509-1564)

Charity and covetousness

Charity gives itself rich, covetousness hoards itself poor.

German proverb

Money

Come to see money not as a passport to luxury but as a dangerous encumbrance, and you will not find it ridiculous to give to whoever needs it.

John Boykin – American author (b. 1952)

Meaning of Life

A man has made at least a start on discovering the meaning of human life when he plants shade trees under which he knows full well he will never sit.

attributed to D. Elton Trueblood – American author, philosopher and theologian (1900-1994)

Wellbeing

The Forbes list of the 400 richest Americans had about the same level of wellbeing as the Maasai of East Africa, a traditional herding people who live in huts with no electricity or running water.

Ed Diener – American professor in psychology (b. 1946), from “Barclays Wealth Insights, Volume 4: The True Value of Wealth” (2007)

Allow mistakes

I can be wrong more offen than I am right, so long as the leverage on my correct judgments compensates for my mistakes.

attributed to Leon Levy – American fund manager: Oppenheimer Fund (1926-2003)

Listen

You have two ears and one mouth.

Frederik Cappelen – Swedish manager, former CEO Nobia (b. 1957)

Waste

Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.

William Penn Adair “Will” Rogers – American humorist (1879-1935)

“Simple” job

I was happier when I was doing a mechanic’s job.

attributed to Henry Ford – American engineer and industrialist (1863-1947)

Give away

He is no fool who gives what he cannot keep to gain that which he cannot lose.

Jim Elliot – born Philip James Elliot, American missionary (1927-1956), from his diary October 28th 1949

Serve God with money

Remember this: you can’t serve God and money but you can serve God with money.

Selwyn Hughes – English pastor and author, founder of the christian publishing company CWR (1928-2006), from “Service in the Eighth Degree – A biblical perspective on giving”

Riches

Where riches hold the dominion of the heart, God has lost his authority.

attributed to John Calvin – born Jean Cauvin, French reformator and founder of the Calvinism (1509-1564)

Realize

Five Frogs are sitting on a log. Four decide to jump off. How many are left? The answer is five – because there is a difference between deciding and doing.

Mark L. Feldman and Michael F. Spratt – American entrepreneurs: Mark L. Feldmann: Start-up Farms International and Destiny Bay Vineyards (b. 1947), Michael F. Spratt: Destiny Bay Vineyards (b. 1950), in “Five Frogs on a Log: A CEO’s Field Guide to Accelerating the Transition in Mergers, Acquisitions and Gut Wrenching Change” (2010)

Money doesn’t bring happiness

I have made many millions but they have brought me no happiness.

attrubited to John D. Rockefeller – American oil magnate, sunday’s School teacher and world’s richest man at his time (1839-1937)

Wisdom

A wise man seeks Wisdom; a madman thinks that he has found it.

Persian proverb

Good life

To have a good life you need to live hidden.

French proverb

Wealth

The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application..

attributed to Miguel de Cervantes Y Saavedra – Spanish writer (1547-1616)

Action

Vision without action is a daydream. – Action without a vision is a nightmare.

Japanese proverb

Quality

The most important loyalty of the artist is the one relating to quality.

attributed to Jean-Louis Barrault – French actor, mime Artist and director (1910-1994)

Comfort

There is no good applying to Heaven for earthly comfort. Heaven can give heavenly comfort; no other kind.

C. S. Lewis – British writer (1898-1963), from “The Four Loves” (1960)

God’s language

God whispers to us in our pleasures, speaks in our conscience, but shouts in our pains: it is His megaphone to rouse a deaf world..

C. S. Lewis – British writer (1898-1963), from “The Problem of Pain” (1940)

Wealth

It’s OK to have wealth. But keep it in your hands, not in your heart.

Wisdom

Leader

The leader is the servant who removes the obstacles that prevent people from doing their jobs.

Business wisdom

Rules for Life

Rule 1: Life is not fair – get used to it!

Rule 2: Thro world won’t care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.

Rule 3: You will NOT make $40.000 a year right out of high school. You won’t be a vice-president with a car phone until you earn both.

Rule 4: If you think your teacher is tough, wait till you get a boss.

Rule 5: Flipping burgers is not beneath your dignity. Your Grandparents had a different word for burger flipping: they called it opportunity.

Rule 6: If you mess up, it’s not your parents fault, so don’t whine about your mistakes, learn from them.

Rule 7: Before you were born, your parents weren’t as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parent’s generation, try delousing the closet in your own room.

Rule 8: Your school may have done away with winners and losers, but life HAS NOT. In some schools, they have abolished failing grades and they’ll give you as MANY TIMES as you want to get the right answer. This doesn’t bear the slightest resemblance to ANYTHING in real life.

Rule 9: Life is not divided into semesters. You don’t get summers off and very few employers are interested in helping you FIND YOURSELF. Do that in your own time.

Rule 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs.

Rule 11: Be nice to nerds. Chances are you’ll end up working for one.

Charles J. Sykes – American journalist and author, from an article in the San Diego Union Tribune from September 19th, 1996, often falsely attributed to William H. “Bill” Gates

God-given

In our good works nothing is our own.

Johan Calvin – born Jean Cauvin, French reformator and founder of the Calvinism (1509-1564)

Scapegoats

The search for a scapegoat is the easiest of all hunting expeditions.

attributed to Dwight D. Eisenhower – American general and politician, 1953-61 34th president (1890-1969)

Secret of success

The secret of success is constancy to purpose.

Benjamin Disraeli – English writer and politician, 1868 and 1874-80 Prime Minister (1804-1881), in a banquet speech of the National Union of Conservative and Constitutional Associations on June 24th, 1872

Responsibility

Freedom means responsibility; that is the reason why most people are afraid of it.

George Bernard Shaw – Irish writer, Nobel Prize in literature 1925 (1856-1950), Quotations book 2005

Democracy

Democracy is a device that ensures we shall be governed no better than we deserve.

attributed to George Bernard Shaw – Irish writer, Nobel Prize in literature 1925 (1856-1950)

Dream

You see things as they are and ask “Why?”
I dream things as they never where and ask “Why not?”

George Bernard Shaw – Irish writer, Nobel Prize in literature 1925 (1856-1950), from “Back to Methuselah” (1921)

Backbone

If you stand up and be counted, from time to time you may get yourself knocked down. But remember this: A man flattened by an opponent can get up again. A man flattened by conformity stays down for good.

Thomas John Watson, jr. – American manager, 1952-71 president of IBM (1914-1993)

Cheapest car

The cheapest car you can ever own is the one you currently own.

Ron Blue – Christian financial advisor (b. 1942)

Charitable giving

Charitable giving should be a spiritual, rather than economic, decision. Economically, charitable giving never pays.

Ron Blue – Christian financial advisor (b.1942)

Key to success

I don’t know the key to success, but the key to failure is trying to please everybody.

attributed to Bill Cosby – born William Henry Cosby, American actor, singer and author (b. 1937)

Money

We can either use our money to serve God or God will be our money.

Denny (b. 1951) and Leesa (b. 1955) Bellesi – founders of “The Kingdom Assignment”, Quotations book 2018

Time management

Time management, really deciding what are the things that count, is a real skill that takes time to learn. it took me a lot of time to get that right.

attributed to William H. “Bill” Gates – American Software entrepreneur, Microsoft (b. 1955)

What expenditures tell you

Give me five minutes with a persons checkbook, and I will tell you where their heart is.

attributed to Billy Graham – born William Franklin Graham jr., American evangelist (1918-2018)

Motivation

Do what you love.

attributed to Ted Koppel – born Edward James Koppel, American journalist (b. 1940)

Contentment

He who is not contented with what he has, will not be contented with what he doesn’t have.

attributed to Socrates – Greek philosopher (469-399 B.C.)

Possessions

The world asks, what does a man own?

Christ, how does he use it?

Andrew Murray – South African priest and writer (1828-1917), from “Money” (1900)

Bargains

Find bargains and maintain discipline; if you can not find bargains stay in cash.

Francis Chou — Canadian fund manager, Fund Manager of the Decade 2004 (b. 1956)

Give away

Everything we have is really loaned to us; we can’t take anything with us when we depart. If we have no use for a thing, we should pass it on to someone else who can use it – now.

attributed to Norma S. Scholl

Give God the credit

A lot of people are willing to give God the credit, but not too many are willing to give him the cash.

Wisdom

Sympathy with suffering

It is much more easy to have sympathy with suffering, than it is to have sympathy with thought. Accordingly, with admirable though misdirected intentions, they very seriously and very sentimentally set themselves to the task of remedying the evils that they see. But their remedies do not cure the disease, they merely prolong it. Indeed, their remedies are part of the disease..

Oscar Wilde – Irish writer (1854-1900), from “The Soul of Man under Socialism” (1891), Quotations book 2004

Independence

You can’t do right in investments unless you think independently. And the truth is, you’re neither right nor wrong because people agree with you. You’re right because your facts and your reasoning are right..

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930),Quotations book 2004

Contrarian

Be fearful when the world is greedy and be greedy when the world is fearful..

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2004

Donors motivation

It gives me a good feeling.

Walter Annenberg – American philanthropist, who donated paintings worth 1 Billion $ to the New York Metropolitan Museum on his motivation (1908-2002), Quotations book 2004

Donate

What I discovered is that you’ve got to put in the same amount of work, and exercise the same degree of judgement, in giving money away as you do in making it..

William H. “Bill” Gates – American software entrepreneur, Microsoft (b. 1955), Quotations book 2004

Contentment

Never complain, never explain.

life’s philosophy of the english aristocracy – Quotations book 2004

Sympathy

Our record of persuading decent, intelligent people to stop doing dumb things is very poor. (Munger added, “Worse than poor.”) When people want to do something, they do it. When someone rises to be CEO, he doesn’t want to hear a shareholder telling him that his latest idea is dumb.

It’s better to be in a business with management you’re simpatico with than in a great business in which this isn’t the case.

We’ve learned more about human nature than understanding businesses in our long-term experience.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), at the general assembly 2001, Quotations book 2002

Sitting in the shade

Someone’s sitting in the shade today because someone planted a tree a long time ago.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2002

World

When you rule your mind, you rule your world.

Bill Provost – America loan consultant, chosen by Sir John Marks Templeton, British value investor and philanthropist (1912-2008), Quotations book 2002

Faults

Love has the patience to endure the fault we cannot cure.

J. Jelinek – Chosen by Sir John Marks Templeton, British value investor and philanthropist (1912-2008), Quotations book 2002

Back to the roots

“Doc, I have an earache.”
2000 B.C. “Here, eat this root.”
1000 B.C. “That root is heathen, say this prayer.”
1850 A.D. “Prayer is superstition, drink this potion.”
1930 “That potion is snake oil, swallow this pill.”
1970 “That pill is ineffective, take this antibiotic.”
2000 “That antibiotic is artificial, here, eat this root.”

Anonymus – “History of Medicine”, spread on the Internet between 1997 and 1998, source: 106 utne reader, http://www.hsc.stonybrook.edu/som/fammed/newsletters/VOL1398F.htm, Quotations book 2009

Tithing

You hear a lot of strange things about tithing. Some say it is a church tax, and they expect me to pay it and that is the end of it. Others say that when I give God one-tenth of my income, He blesses the nine-tenths that is left to the extent that the nine-tenths now goes as far as the whole thing used to go.

This isn’t really true, is it? Suppose a farmer had 100 bushels of corn in the barn and he decides to plant 10 bushels in the ground. What multiplies? Is it the 90 bushels that he has left in the barn? Oh, no. All of us “farmers” know it is the 10 bushels you put in the ground that multiplies.

Similarly, it is the 10 percent you give to God that multiplies..

Dr. R. Stanley Tam – American entrepreneur, f.ex. United States Plasic Corp., and philanthropist (b. 1915), from “God owns my Business” (1972), Quotations book 2009

Future

Teach us to realize how short our lives are. Then our hearts will become wise.

The Bible, Psalms 90:12 (NIRV) – Quotations book 2009

Advertisement

If you cut down advertisement to save money, you might as well stop your watch to save time.

attributed to Henry Ford – American engineer and industrialist (1863-1947), Quotations book 2009

Priorities

A politician thinks of the next election, a statesman of the next generation.

attributed to James Freeman Clarke – American preacher and author (1810-1888), Quotations book 2009

Don’t have others do the talking for you

We didn’t really need all that fancy legal stuff. The lawyers have a way of dragging you in and making things more complicated than they are. We were paying huge legal bills at that time, and I don’t think any of that would have affected the outcome. When the dust settles, you find out it was all just a huge waste of time, energy and money.

Robert “Bob” Warren Miller – American businessman, co-founder of the DFS Duty Free Shops (b. 1933), about his try to prevent the sell of his partner’s Shares at LVMH, Quotations book 2009

Risk

Every time we’ve moved ahead in IBM, it was because someone was willing to take a chance, put his head on the block, and try something new.

Thomas John Watson, Jr. – American manager, 1952-71 president of IBM (1914-1993), Quotations book 2009

Resources

Isreael’s lack of natural resources, such as oil, is actually a benefit, because it has required us to be innovative and to engage in hard work.

Stef Wertheimer – Israeli entrepreneur, founder of ISCAR (b. 1926), Quotations book 2009

Creation of wealth

Nevertheless, the Tenth Commandment – ‘Thou shalt not covet’ – recognizes that making money and owning things could become selfish activities. But it is not the creation of wealth that is wrong, but love of money for its own sake. The spiritual dimension comes in deciding what one does with the wealth. How could we respond to the many calls for help, or invest for the future, or support the wonderful artists or craftsmen whose work also glorifies God, unless we had first worked hard and used our talents to create the necessary wealth?

Dame Margaret Thatcher – British politician, 1979-90 Prime Minister (1925-2013), from “Speech to the Church of Scotland General Assembly” from May 21st, 1988, Quotations book 2009

Private enterprise

Some regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Only a handful see it for what it really is – the strong and willing horse that pulls the whole cart.

Sir Winston L. Churchill – British politician, 1940-45 and 1951-55 Prime Minister, Nobel Prize in literature 1953 (1874-1965), in a speech from October 29th, Quotations book 2009

Outperformance

My observation over the past two decades is that most investors who significantly outperform the market over the longer run, do so because of their implicit or explicit utilization of good theories along the way. In using these, they prove less wrong than the consensus and thus end up richer.

Dr. Horace “Woody” Brock – American business consultant, founder and president of Strategic Economic Decisions, Inc. (b. 1945), Quotations book 2009

Migrants

Migrants do not so much break the law as the law breaks them.

Hernando de Soto – Peruvian economist (b. 1941), from “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else” (2000), second chapter, Quotations book 2009

Without Love

Duty without Love creates annoyance.
Truth without Love creates addiction to criticism.
Education without Love creates contradiction.
Cleverness without Love turns cagey.
Responsibility without Love turns inconsiderate.
Justice without Love creates hardness.
Politeness without Love creates hypocrisy.
Order without Love creates pettiness.
Knowledge without Love turns obstinate.
Power without Love turns violent.
Honour without Love creates pride.
Possession without Love turns avaricious.
Believe without Love turns fanatic

attributed to Laozhi – chinese philosopher (ca 3rd-5th century BC)

Irish blessing

Walk carefully as you come here for God is here before you.
Walk humbly as you come here for two or three are gathered.
Walk softly as you come here for the spirit may speak in the silence of this place.

from Ireland

Capital

The highest use of capital is not to make more money, but to make money do more for the betterment of life.

Henry Ford – American engineer and industrialist (1863-1947), from “My life and work” (1922), Quotations book 2009

Watchword 2009

What is possible with man is possible with God.

The Bible, Lucas 18:27 (NIV) – Zitateheft 2009

The Protestant pastor and song writer Otto Riethmüller (1889-1939) – he belonged to the Confessing Church – decided in 1930 under the impression of the Nacional Socialism’s propaganda, to give henceforth every calendar year a headline with a Bible verse. An act of civil courage! He has established a tradition that still exists today. Meanwhile, the annual solution is set by the Ecumenical Association for Bible Reading (Ökumenische Arbeitsgemeinschaft für Bibellesen) three years in advance.

Integrity

Integrity has no need for rules.

Albert Camus – Frech philosopher and writer, Nobel Prize in literature 1957 (1913-1960), from “The Myth of Sisyphos” (“Le mythe de Sisyphe”, 1942), Zitateheft 2009

The lesson of the Samurai

Many are those who will give advice, but few are those who will accept it with gratitude, and even fewer are those who will follow it. After the age of 30, man becomes generally impermeable to guidance. And when guidance no longer reaches him, he rapidly becomes full of pride and self-interest. For the rest of his days, he adds impudence to foolishness, which causes his irreversible fall. This is why it is indispensable to find someone capable of discernment, and to bind yourself to him in order to receive his teachings..

from the Hagakure (spiritual guide for the Samurai, written between 1709 and 1716)

Help

There is no one so rich that they don’t need help or so poor that they cannot help.

Proverb – Quotations book 2009

Giving

It is an anomaly of modern life that many find giving to be a burden. Such persons have omitted a preliminary giving. If one first gives himself to the Lord, all other giving is easy.

attributed to John S. Bonnell – American pastor and author (1893-1992), Quotations book 2009

Give

All you have shall some day be given; therefore give now, that the season of giving may be yours and not your inheritors.

Khalil Gibran – Lebanese Maronite poet, philosopher and artist, aka Kahlil Gibran (1883-1931), Quotations book 2009

Free market economy

The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy.

It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another..

Milton Friedman – American economist, Nobel Memorial Prize in economic sciences 1976 (1912-2006), Quotations book 2009

Form

We shape our buildings, and afterwards our buildings shape us.

Sir Winston L. Churchill – British politician, 1940-45 and 1951-55 Prime Minister, Nobel Prize in literature 1953 (1874-1965), in his speech to the reconstruction of the House of Commons, Quotations book 2009

Succesful investment

The only investment I ever made which has paid consistently increasing dividends is the money I have given to the Lord..

attributed to James L. Kraft – American entrepreneur, founder of J.L. Kraft & Bros., today Kraft Foods Inc. (1874-1953), Quotations book 2009

Stay with a problem

It’s not that I am smart, it’s just that I stay with problems longer.

Wisdom – often falsely attributed to Albert Einstein, Quotations book 2009

The golden rule

As you give, so shall you receive!

Phrase, following the Bile (Matthew 7:12 and Lucas 6:31) – Quotations book 2009

The right moment

Being prepared means much, being able to wait means more, but to make use of the right moment means everything.

Arthur Schnitzler – Austrian writer (1862-1931), from “Buch der Sprüche und Bedenken” (1927), Quotations book 2009

Characters

The world consists of those who make things happen, those who watch something happening, and those who ask what happened.

Norman R. Augustine – American manager, former CEO of Lockheed Martin Corporation (b. 1935), Quoations book 2009

Change agents

We are change agents, we change managers into entrepreneurs, we teach them long-term thinking.

Henry Kravis – American private equity manager: KKR (b. 1944), Quotations book 2009

Possession

If you own something you cannot give away, then you don’t own it, it owns you.

attributed to Albert Schweitzer – German-born French missionary and doctor, Nobel Peace Prize 1952 (1875-1965), Quotations book 2009

Calling

If you make your calling your profession you don’t work, you live.

Michael Flatley – Irish-born American dancer and choreographer (b. 1958), Quotations book 2009

Conversion

There are three conversions: first the head, then of the heart, and finally of the pocketbook..

attributed to Martin Luther- German reformer (1483-1546), Quotations book 2009

Invest

CFO asks CEO: „What happens if we invest in developing our people and then they leave us?“

CEO asks CFO: „What happens if we don’t, and they stay?“

Stefan Erschwendner – Austrian Business Consultant and Company founder (b. 1982), Quotations book 2015

Possibilities

There are more possibilities in the universe than one can imagine.

chosen by Sir John Marks Templeton – British value investor and philanthropist (1912-2008)

Risk

Risk comes from not knowing what you’re doing.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2002

Bad business

After some other mistakes, I learned to go into business only with people whom I like, trust, and admire. We’ve never succeeded in making a good deal with a bad person.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (*1930), Quotations books 2002 + 2006

Motivation

You cannot motivate the best people with money. Money is just a way to keep score. The best people in any field are motivated by passion.

Eric S. Raymond – founder of the “Open Source” movement (b. 1957), Quotations book 2006

Knowledge worker

The most important, and indeed the truly unique, contribution of management in the 20th century was the fifty-fold increase in the productivity of the manual worker in manufacturing. The most important contribution management needs to make in the 21st century is similarly to increase the productivity of knowledge work and the knowledge worker..

Peter F. Drucker – Austrian-born American management expert (1909-2005), Quotations book 2006

Working for money

Taking a job for money is like marrying for money, which is especially dumb if you are already rich.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2006

Performance

It is impossible to produce superior performance unless you do something different from the majority.

Sir John Marks Templeton – British value investor and philanthropist (1912-2008), Quotations book 2006

Recommendation

Watch your thoughts, for they become your words.
Watch your words, for they become your actions.
Watch your actions, for they bcome your habits.
Watch your habits, for they become your character.
Watch your character, for it will become your destiny.

like the Poem “Sow a thought” by Charles Reade – English writer (1814-1884), often falsely attributed as “from Talmud”, Quotations book 2006

see: http://www.talmud.de/cms/Haeufige_Fragen.377.0.html

Do it

Drucker purified my mind. He would tell me after each session – don’t tell me you had a wonderful meeting with me. Tell me what you are going to do on Monday that’s different.

Donald R. Keough – former CEO for Coca Cola (1926-2015) on Peter F. Drucker, Austrian-born management expert (1909-2005), Quotations book 2006

Experience

Nobody ever learned anything from the second hit of a horse.

attributed to R. Philip Hanes – American entrepreneur and author (1926-2011)

Motivation

No one rises to low expectations.

Les Brown – American motivational speaker (b. 1945)