The big thing you want to do is you want to enjoy every day. So you want to have a job you love and you want to work with people that you like and admire and trust. And if you’ve got that, you’re a long way home . . . you know that valuations are high by historic standards. You know that the level of speculation is high by any historic standard. And you know that that doesn’t go on forever. But you don’t know when it ends.
Warren Buffett in an interview with Ted Koppel on ABC's Nightline (3/2/99)There is a right way to change a tire, make an omelet, or remove an appendix, but if there is a right way to manage securities, managers do not agree on what it is.
Jack Treynor in Zero Sum from the Financial Analysts Journal (Jan/Feb 1999)Imagine a large body of land with several unconnected lakes. Think of these lakes as markets and the species living in each lake as competitors. Over time these individual ecosystems have evolved without outside contact, and certain species have emerged as leaders in each lake. Now imagine what would happen if a canal were built connecting each and every lake, enabling creatures to swim freely. The Internet is an electronic version of the canal. Your competition is no longer limited to your lake, and you may find yourself face to face with a species you have never seen before.
J. William Gurley in How the Net is Changing Competition from Fortune (3/15/99)
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