Thought Leadership in Strategy & Finance

  • Quote  |  February 19, 2019

    “When it comes to anything that is material and physical, there is always a limitation as to what you can do and what you cannot do.” – Sadhguru

  • Quote  |  February 18, 2019

    “It is only a few people, who have made it to a certain level of success in their life, whose desires get labeled as ambition by someone else.” – Sadhguru

  • Quote  |  February 17, 2019

    “I don’t want any yes-men around me. I want everybody to tell me the truth even if it costs them their jobs.” – Samuel Goldwyn

  • Quote  |  February 16, 2019

    “Summing up, the qualitative answers suggest that high quality earnings are sustainable and repeatable, free of one-time items, and backed by actual cash flows.” – Earnings Quality: Evidence from the Field (Dichev, Graham, Harvey, Rajgopal)

  • Quote  |  February 15, 2019

    “Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.” – Lee lacocca

  • Quote  |  February 14, 2019

    “The term ‘Earning Power’ should be used to mean the earnings that may reasonably be expected over a period of time in the future. Since the future is largely unpredictable, we are usually compelled to take either the current and past earnings as a guide, and to use these figures as a base in making a reasonable estimate of future earnings.” – Ben Graham, The Interpretation of Financial Statements, 1937

  • Quote  |  February 13, 2019

    “No employer today is independent of those about him. He cannot succeed alone, no matter how great his ability or capital. Business today is more than ever a question of cooperation.” – Orison Swett Marden

  • Quote  |  February 12, 2019

    “…there has been a significant, seemingly inexorable trend toward entrenching management in office that has become embodied in state law, the primary province for corporate governance. This gives rise to conflicts of interest…” – Martin Whitman

  • Quote  |  February 11, 2019

    “Every investment has something wrong with it.” – Martin Whitman

  • Quote  |  February 10, 2019

    “Market price is not something to predict but something of which to take advantage.” – Martin Whitman

  • Quote  |  February 9, 2019

    “…value investing treats every accounting number as being as important as any other number, with each number being derived from, a function of, and modified by all other accounting numbers.” – Martin Whitman

  • Quote  |  February 8, 2019

    “For reading this book [Value Investing], algebra is useless; however, a deep understanding of the accounting cycle is essential.” – Martin Whitman

  • Quote  |  February 7, 2019

    “The point is, ladies and gentlemen, greed is out. Integrity is in. And, if you seek success and fulfillment, please accept my advice to hold yourselves to the highest moral standards.” – John “Jack” Bogle

  • Quote  |  February 7, 2019

    “Paradoxically, the hottest tip that I can give you, mirabile dictu, is to eschew hot tips, by using index funds as the core of your own personal investment programs. The magic of indexing, if such it be, is that it virtually eliminates the usual expenses of investing, such as portfolio transaction costs and investment advisory fees.” – John “Jack” Bogle

  • Quote  |  February 6, 2019

    “Indeed, over the past quarter-century, fund management and marketing costs have confiscated some 40% of the stock markets cumulative profits, leaving but 60% for the human beings who, after alll, put up 100% of the initial capital and took 100% of the market’s risk. Such an outcome doesn’t comport with my notion of fairness.” – John “Jack” Bogle

  • Quote  |  February 6, 2019

    “Investing is an act of faith. We trust our capital to corporate stewards with the faith that their efforts will generate high rates of return on our investments…and the faith that the long-term success of our nation’s economy and financial markets alike will continue in the future.” – John “Jack” Bogle

  • Quote  |  February 6, 2019

    “Serving these new owners of American business, who are contributing to the highest values of our system of capital formation even as they strive to take personal responsibility for the security of their own financial futures, has been a marvelously worthwhile life’s work.” – John “Jack” Bogle

  • Quote  |  February 5, 2019

    “In the long run, the rewards of investing are determined by the allocation of market returns between fund shareholders and the managers. To help accomplish this vital goal, Vanguard has chosen a corporate structure, unique to the mutual fund industry. It is truly mutual: The fund shareholders own the management company that administers the funds.” – John “Jack” Bogle

  • Quote  |  February 5, 2019

    “Vanguard has had the marvelous opportunity to test in the real world marketplace the concept that serving is the essential ingredient of true success, and that servant-leaders—and leader-servants—can successfully dedicate their careers to serving the human beings who depend upon their services.” – John “Jack” Bogle

  • Quote  |  February 5, 2019

    “If a firm achieves low-cost provider status, its bond and money market funds can follow lower-risk strategies and still offer higher yields than their peers.” – John “Jack” Bogle