A Quote by Julia Hartz
Great leadership and great companies aren't built overnight, and they're not built without capital. And capital can sometimes be counter-productive to building a great culture.
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You don't win an Olympic gold medal with a few weeks of intensive training. There's no such thing as an overnight opera sensation. Great law firms or design companies don't spring up overnight... Every great company, every great brand, and every great career has been built in exactly the same way: bit by bit, step by step, little by little.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
One of the best investors around, Joel Greenblatt, has written a popular, charming and funny book about investing in great companies at low P/E multiples. To simplify an already simple book, great companies are generally measured as companies that can generate lots of profit without requiring a lot of capital. This means that they have high ROEs.
If one fourth of the capital of a country were suddenly destroyed, or entirely transferred to a different part of the world, without any other cause occurring of a diminished demand for commodities, this scantiness of capital would certainly occasion great inconvenience to consumers, and great distress among the working classes; but it would be attended with great advantages to the remaining capitalists.
I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.
There's a lot of great, talented, passionate musical theatre practitioners and directors here. But it's very hard to suddenly start building great musicals in a town like Sydney where there hasn't been any great musicals built.
I went and looked at one of these great cathedrals one day, and I was blown away by it. From there I became interested in how cathedrals were built, and from there I became interested in the society that built the medieval cathedral. It occurred to me at some point that the story of the building of a cathedral could be a great popular novel.
In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.
Great companies are built on great products.
The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.
Private companies have a lot of capital. They can run things efficiently and get projects built.
In an ironic twist, I now see Good to Great not as a sequel to Built to Last, but more of a prequel. Good to Great is about how to turn a good organization into one that produces sustained great results. Built to Last is about how you take a company with great results and turn it into an enduring great company of iconic stature.
The idea that the profits of capital are really the rewards of a just society for the foresight and thrift of those who sacrificed the immediate pleasures of spending in order that society might have productive capital, had a certain validity in the early days of capitalism, when productive enterprise was frequently initiated through capital saved out of modest incomes.
The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
The great companies get built by their founders
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