A Quote by Gerry Schwartz
A lot of what I do is running businesses rather than buying stocks. My worst decision is probably when I know I have the wrong chief executive running the business, and I keep on waiting to make the difficult decision of replacing him.
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I think the worst decision is usually no decision. If you make the wrong decision you can usually course-correct, but if you don't make it, you've already made it, and it's usually the bad one.
As much as I hate that it's a business decision - like, I'm just picking a school - it really is a business decision. I really don't see anything wrong with waiting it out.
The best decision is the right decision. The next best decision is the wrong decision. The worst decision is no decision.
It's much more difficult running a business than buying one.
If you make the wrong decision, you make the wrong decision. That's all there is to it. There are few guarantees in life. One of them is that you will make lots of mistakes The worst thing you can do is wimp out and spend your life in suspended animation refusing to make a choice because it may not be a perfect one.
If you know how to value businesses, it's crazy to own 50 stocks or 40 stocks or 30 stocks, probably because there aren't that many wonderful businesses understandable to a single human being in all likelihood. To forego buying more of some super-wonderful business and instead put your money into #30 or #35 on your list of attractiveness just strikes Charlie and me as madness.
Making an un-perfect decision is far, far better than not making a decision, which is the worst possible decision you could make.
If you're having a difficult time making the best decision then consider fasting. Fasting is simply taking something you regularly do and replacing it with praying and seeking God. For example instead of eating a meal you can take that time to seek God and allow Him to speak to you about the decision.
My best business decision was becoming a writer as well as a director, and learning all aspects of the filmmaking craft. My worst business decision was licensing music that I don't own.
Often any decision, even the wrong decision, is better than no decision.
It is not always what we know or analyzed before we make a decision that makes it a great decision. It is what we do after we make the decision to implement and execute it that makes it a good decision.
There's smarter people than me. But you cannot have any one guy running 18 billion-dollar businesses. It just doesn't make sense to me. I've met some extraordinary leaders in my time. They struggle with running one billion-dollar business.
Buying a share of a good business is better than buying a share of a bad business. One way to do this is to purchase a business that can invest its own money at high rates of return rather than purchasing a business that can only invest at lower ones. In other words, businesses that earn a high return on capital are better than businesses that earn a low return on capital.
I'm not saying all seniors should be running a city or running a business, but I am saying seniors are good for a lot more than simply running a bath, baking cookies or babysitting grandchildren.
Let me tell you about the travel ban. We had a very smooth rollout of the travel ban. But we had a bad court. Got a bad decision. We had a court that's been overturned. Again, may be wrong, but I think it's 80 percent of the time, a lot. We're going to keep going with that decision. We're going to put in a new executive order.
I was never afraid to step out and make a decision. It might have been the wrong decision. I'm not afraid to tell somebody if I think they're wrong, as long as I know that I'm right. I would always try to make sure that I was right and then I'd voice my opinion.
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