A Quote by Warren Buffett
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.
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I built a massive company, a great company, some of the greatest assets anywhere in the world, worth many, many billions of dollars.
All over the world, I do business. I make great deals. I've made hundreds of millions of dollars against China. All over the world I make money and I build great things. Who's going to build a wall like me on the southern border? I built a great company.
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.
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.
I wanted to create a multibillion dollar company that lets me go out and let us go out and change the world and create a Skin Cancer Awareness Center that costs a quarter a billion dollars.
The supply-side effect of a restrictive monetary policy, moreover, is likely to be perverse. High interest rates enter into costs and thus exert inflationary pressure, as well as inhibiting the expansion of capacity or the introduction of cost -reducing capital improvements.
Willis Rodney Whitney ... once compared scientific research to a bridge being constructed by a builder who was fascinated by the construction problems involved. Basic research, he suggested, is such a bridge built wherever it strikes the builder's fancy-wherever the construction problems seem to him to be most challenging. Applied research, on the other hand, is a bridge built where people are waiting to get across the river. The challenge to the builder's ingenuity and skill, Whitney pointed out, can be as great in one case as the other.
I don't own any of my own paintings because a Picasso original costs several thousand dollars and that's a luxury I cannot afford.
My father gave me a very small loan in 1975, and I built it into a company that's worth many, many billions of dollars, with some of the greatest assets in the world, and I say that only because that's the kind of thinking that America needs.
Over the great bridge, with the sunlight through the girders making a constant flicker upon the moving cars, with the city rising up across the river in white heaps and sugar lumps all built with a wish out of non-olfactory money. The city seen from the Queensboro Bridge is always the city seen for the first time, in its first wild promise of all the mystery and the beauty in the world.
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.
My own funeral, I'd like to be laid out in a coffin in my own house. I would like my coffin to be put in the double parlor, and I would like all the flowers to be white.
It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control.
The attention toward me is basically because of what we've built as a company. If we built a pile of crap then nobody would care what I ate for lunch.
For every company that sees the value of their capital go up, there's another company that has been disrupted, and the value of their capital gets marked down because it's not going to compete in the same way.
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.
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