“When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.”

“When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.”

“The perfect example of Darwinism is what technology has done to businesses.”

“Wall Street has too much wealth and political power.”

“There's more honor in investment management than in investment banking.”

“Take a simple idea and take it seriously.”

“I've adopted the guideline of Warren Buffett's partner, Charlie Munger, who says "I wanna know where I'll be when I die - so I never go there.”