Author Archive for: ttitz

Does the company have a management of unquestionable integrity? Philip A. Fisher – American Growth-Investor and Mementor for Warren Buffett (1907-2004)

Obviously, what motivates a businessman is profits. But what gives us comfort and – why not say it? – makes us proud, is to see that our business activities are making a contribution to the economic and social development of the country. Olacyr Francisco de Moraes – Brazilian entrepreneur, who offers a free healthcare at […]

Committees should be small and in odd numbers, preferably below three. Wisdom

We back jockeys, not horses. Motto of venture investors – Quotations book 2005

It is precisely the ability to foresee both the needs of others and the combinations of productive factors most adapted to satisfying those needs that constitutes another important source of wealth in modern society. Pope John Paul II – born Karol Wojtyła, 1978-2005 Holy Father (1920-2005), from “Centesimus Annus” (1991), Quotations book 2006

As partial owners of a dozen plus companies we are by necessity absentee owners. Consequently, our first and overriding task in evaluating an investment is to determine whether management would work for us. Would they do what an owner with a long-term view would do with their knowledge of the business? Arthur D. Clarke – American […]

Treating people with respect will gain one wide acceptance and improve the business. Tao Zhu Gong – Born Fan Li, Chinese advisor to the emperor of Yue (500 BC), second business principle

There is an old adage in investment lore that says, “Buy when blood is in the streets.” Actually, it is sometimes best to wait a while. An investor did not have to buy during the riots in the streets of Watts; a year later was time enough to catch the lowest prices and make a […]

“Compared with other institutional investors, ‘families are more adventurous about where they invest their capital,’ says a managing director at one advisory firm whith a large wealthy client base. ‘They’re quicker in their decision-making, and sometimes don’t have hard and fast rules like pension funds do.’” from: The Private Equity Analyst – March 2004, Quotations book 2006

Referring to 1913: Even in these earlier times, finding the really outstanding companies and staying with them through all the fluctuations of a gyrating market proved far more profitable to far more people than did the more colorful practice of trying to buy them cheap and sell them dear. Philip A. Fisher – American Growth-Investor and […]

In the modern corporation the decisive power, that of the managers, is derived from no one but the managers themselves controlled by nobody and nothing and responsible to no one. It is in the most literal sense unfounded, unjustified, uncontrolled and irresponsible power. Peter F. Drucker – Austrian-born American Management expert (1909-2005), Quotations book 2007

The best investments are on main street, not Wall Street. Robert Miles – American investmentor, author and Warren Buffett expert (b. 1955)

A firm’s income statement may be likened to a bikini – what it reveals is interesting, but what it conceals is vital. Burton G. Malkiel – American economist, professor for economy at Princeton University (b. 1932), Quotations book 2005

Your investment advantage is usually at its greatest immediately before, during and right after the corporate event or change. Joel Greenblatt – American hedge fonds manager and honorary professor at Columbia University (b. 1957), Quotations book 2008

The best way to choose a manager – like the best way to choose a son-in-law – is by character or culture. You should only go with a manager who aims to do what you too intend. Never try to change the way a manager manages. Only hire a manager you really expect to stay […]

Law suits always undervalue companies. Business wisdom