In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.
The process is really what you have to do day in and day out to be successful, we try to define the standard that we want everybody to sort of work toward, adhere to, and do it on a consistent basis. And the things that I talked about before, being responsible for your own self-determination, having a positive attitude, having great work ethic, having discipline to be able to execute on a consistent basis, whatever it is you're trying to do, those are the things that we try to focus on, and we don't try to focus as much on the outcomes as we do on being all that you can be.
I like to talk about the idea of "design without design," where... we're creating the conditions for the things that we want to see happen rather than trying to force a particular set of outcomes.
Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.
Government planning not only fails; it tends to produce outcomes that are the opposite of what its proponents say that they favor. The only stable and productive social system is one that embraces human liberty in its totality, and defends the market economy, private property, sound money, and peaceful international relations, while opposing government intervention as economically and socially destructive.
Extending the ground war into an occupation of Iraq, would have incurred incalculable human and political costs. Had we gone the invasion route, the U.S. could conceivably still be an occupying power in a bitterly hostile land. It would have been a dramatically different - and perhaps barren - outcome.
A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.
Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.
Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.
Even the most favorable outcome of the war will never lead to the decomposition of the main forces of Russia, which is based on millions of Russian ... The latter, even if they break up international treaties, just as quickly re-connect with each other, like pieces of a particle of mercury.
The U.S. has the most dysfunctional healthcare system in the industrial world, has about twice the per capita costs, and some of the worst outcomes. It's also the only privatized system.
The people who change the world never lose hope no matter how bleak the outcome might appear to be.
You should not go to war for the privilege of withdrawal. You need to define your objective and the outcome, and it cannot be the removal of one man.
There has never been a merging of two lives where significant problems of daily living did not occur. One way or another, your relationship is going to be affected. The only question is how. There's a big difference between knowing and doing. It's not what happens between partners that determines the outcome of a relationship, it's how they handle what happens. If all you deal with in your relationship is problems, then you will have a problem relationship. If you want your pound of flesh with full acknowledgement that you're right, your future will be dim.
The future is in your hands, the outcome is up to you.
The pain is the outcome of our bad deeds.
I believe we are most likely to succeed when ambition is focused on noble and worthy purposes and outcomes rather than on goals set out of selfishness.
The successful person has unusual skill at dealing with conflict and ensuring the best outcome for all.
For me, comedy and drama are all the same thing. How the comedy ever even started in my life was that moments got uncomfortable and I felt uncertain of what the outcome was going to be, so I found a way to deflect what I was feeling, or what everyone else was feeling, by creating laughter.
Investors believe in the best possible outcome.
One's right to life, liberty, and property depends on the outcome of no election.
I kind of like the idea of living a rather ordinary life as a shopkeeper, and I examine that possibility as one of the outcomes of the young Gerald Bostock growing older.
What having a Down's syndrome child isn't - and I feel very strongly about this - is a tragedy. All those pregnancy books you read when you are expecting refer to Down's syndrome as if it were the worst possible outcome, and it's not.
Without those forerunners, Jane Austen and the Brontes and George Eliot could no more have written than Shakespeare could have written without Marlowe, or Marlowe without Chaucer, or Chaucer without those forgotten poets who paved the ways and tamed the natural savagery of the tongue. For masterpieces are not single and solitary births; they are the outcome of many years of thinking in common, of thinking by the body of the people, so that the experience of the mass is behind the single voice.
Hate's a growing thing like anything else. It's the inevitable outcome of forcing ideas onto life, of forcing one's deepest instincts; our deepest feelings we force according to certain ideas.
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