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as Raghuram Rajan puts it, “What is particularly alarming is that the risk taking may well have been in the best ex ante interests of their shareholders.”
Lawrence Lessig • Republic, Lost: How Money Corrupts Congress--and a Plan to Stop It
Formal procedures include:
Alex Edmans • May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases—And What We Can Do about It
The best manager is often neither the most outstanding professional, the best business getter, nor even the best “financial brain.”
David H. Maister • Managing The Professional Service Firm
dangerous. In my experience, many low-margin practices are more profitable, on a profit-per-partner basis, than higher margin practices with low leverage because of the effective use of leverage.
David H. Maister • Managing The Professional Service Firm
Public markets reward predictability.
Patrick Vernon • Venture Capital Strategy: How to Think Like a Venture Capitalist
I will tell you the secret of getting rich on Wall Street. [Pause.] Close the doors. You try to be greedy when others are fearful and you try to be very fearful when others are greedy.§
Roger Lowenstein • Buffett: The Making of an American Capitalist
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Tenth Edition)
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The Graham-and-Dodd investor saw a stock as a share of a business, whose value, over time, would correspond to that of the entire enterprise. It is an almost unbelievable fact that Wall Street never asks, “How much is the business selling for?”