Markets
Quotes
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Investors today commit capital because they have confidence in the quality and the integrity of America's markets. That faith does more than fuel markets � it makes markets possible. In many respects, the dynamism of our market system depends on integrity, professionalism, and the public confidence they inspire.
Speech, Economic Club of Washington, Washington, D.C. (2000)
I have come to view strong corporate governance as indispensable to resilient and vibrant capital markets. It is the blood that fills the veins of transparent corporate disclosure... the muscle that moves a viable and accessible financial reporting structure. And without financial reporting premised on sound, honest numbers, capital markets will collapse upon themselves, suffocate and die.
Speech to the Audit Committee Symposium, New York City. 'An Essential Next Step in the Evolution of Corporate Governance' (1999)
Increasingly, I have become concerned that the motivation to meet Wall Street earnings expectations may be overriding common sense business practices... Managing maybe giving way to manipulation; Integrity may be losing out to illusion.
Speech to the New York University Center for Law and Business, New York City. 'The Numbers Game' (1998)
The dynamic nature of today's capital markets creates issues that increasingly move beyond the bright line of right and wrong...financial market participants grapple with questions in a gray area where there are no easy answers. It :s in this realm where judgment and integrity are indispensable for effective corporate governance.
Speech, Directors' College, Stanford Law School, Stanford University, California (1999)
The market is a mechanism for sorting the efficient from the inefficient, it is not a substitute for responsibility.
The Empty Raincoat. Making Sense of the Future (1994)
Market share is gained and lost at times of technology breaks. This is the mother of all technology breaks...So the opportunity to try and bet on the horse that's going to get ahead is very, very tempting. At the same time, the ability to discriminate between one choice and another choice in this very noisy investment environment is becoming very difficult.
Speech, Los Angeles Times 3rd Annual Investment Strategies Conference, Los Angeles, California (1999)
But the minute we went public on the stock market, which is how our wealth was created, it was no longer how many people you employed, it was how much you were worth and how much your company was worth.
Never speculate...if you have savings, invest them in solid securities, lands, or property. The man who gambles upon the exchanges is in the condition of the man who gambles at the gaming table. He rarely, if ever, makes a permanent success.
'From Oakland: How to Succeed in Life,' The Pittsburgh Bulletin (1903)
The investor of today does not profit from yesterday's growth.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
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On Anger: "For every minute you remain angry, you give up sixty seconds of peace of mind."
Essays
Essays
On Destiny: "Our destiny exercises its influence over us even when, as yet, we have not learned its nature: it is our future that lays down the law of our today."
Human, All Too Human
Human, All Too Human
On Friendship: "A crowd is not company; and faces are but a gallery of pictures; and talk but a tinkling cymbal, where there is no love."
Essays
Essays