If you want to attract more investment, foreign investment, more talent, more business, I think having some level of certainty that the business environment respects, those who have been your partners for a long time, is important.
It is wrong to expect a reward for your struggles. The reward is the act of struggle itself, not what you win. Even though you can't expect to defeat the absurdity of the world, you must make that attempt. That's morality, that's religion. That's art. That's life.
Investment in the eradication of hunger today is a good business decision. If we fail to make this investment, it is doubtful that we can sustain healthy economic growth. Without this investment, our nation may disintegrate into a country sharply divided between those who have enough to eat and those who do not.
Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.
I've made a payroll. I know what it's like to execute a business plan. I know what it's like to expect the proper return on investment... and I know you can't spend your way out of debt.
If your business keeps you so busy that you have no time for anything else, there must be something wrong either with you or with your business.
If your business keeps you so busy that you have no time for anything else, there must be something wrong, either with you or with your business.
No matter what business you are in, and no matter how small or mundane, the activities, there must be continuous investment in it.
You must perfect every fundamental of your business if you expect it to perform well.
I was born with the wrong sign
In the wrong house
With the wrong ascendancy
I took the wrong road
That led to
The wrong tendencies
I was in the wrong place
At the wrong time
For the wrong reason
And the wrong rhyme
On the wrong day
Of the wrong week
Used the wrong method
With the wrong technique
Wrong
Wrong.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
To me it's incontrovertible that investment in people, investment in business, creates jobs; they don't destroy jobs.
For a long time, the film business was a single-digit business on investment return. Now, because of home video, it's a low double-digit business, and the studios want to make sure it doesn't go back into the single-digit business.
I hated being a junior investment banker. I loved the research business, the wealth management business.
Customers don't expect you to be perfect. They do expect you to fix things when they go wrong.
There is another point that I think is as important: You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do. If there is any lesson I have learned in the nearly twenty years that I’ve been in this business, it is that the unexpected and the impossible happen every now and then