-J.R. McCulloch
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- “…Berkshire’s ownership may make even the best of managers more effective. First, we eliminate all of the ritualistic and nonproductive activities that normally go with the job of CEO. Our managers are totally in charge of their personal schedules. Second, we give each a simple mission: Just run your business as if: 1) you own 100% of it; 2) it is the only asset in the world that you and your family have or will ever have; and 3) you can’t sell or merge it for at least a century. As a corollary, we tell them they should not let any of their decisions be affected even slightly by accounting considerations. We want our managers to think about what counts, not how it will be counted.”
- “Reason does not work automatically; thinking is not a mechanical process; the connections of logic are not made by instinct. The function of your stomach, lungs or heart is automatic; the function of your mind is not. In any hour and issue of your life, you are free to think or to evade that effort. But you are not free to escape from your nature, from the fact that reason is your means of survival—so that for you, who are a human being, the question ‘to be or not to be’ is the question ‘to think or not to think.’”
- “Whether we like it or not, the American wage earner and the American housewife are a lot better economists than most economists care to admit. They know that a government big enough to give you everything you want is a government big enough to take from you everything you have. If we want to restore confidence in ourselves as working politicians, the first thing we all have to do is to learn to say no.”
- “Many people labor in life under the impression that they are doing something right, yet they may not show solid results for a long time. They need a capacity for continuously adjourned gratification to survive a steady diet of peer cruelty without becoming demoralized. They look like idiots to their cousins, they look like idiots to their peers, they need courage to continue. No confirmation comes to them, no validation, no fawning students, no Nobel, no Shnobel. ‘How was your year?’ brings them a small but containable spasm of pain deep inside, since almost all of their years will seem wasted to someone looking at their life from the outside. Then bang, the lumpy event comes that brings them grand vindication. Or it may never come.”
- “If you do not change direction, you may end up where you are heading.”