Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body – the producers and consumers themselves.
You can’t build a great company without great people. But how do you know them when you see them? Over the past few years, a number of companies in a wide range of industries — from airlines to steel, computers to hotels — have asked themselves what separates their winners from their losers, good hires from bad, and they all arrived at the same answer: what people know is less important than who they are. Hiring, they believe, is not about finding people with the right experience; it’s about finding people with the right mind-set. These companies hire for attitude and train for skill.
I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
The problem is that at a lot of big companies, process becomes a substitute for thinking. You’re encouraged to behave like a little gear in a complex machine. Frankly, it allows you to keep people who aren’t that smart, who aren’t that creative.
I like to sit and think and I like to spend a lot of time doing that. Sometimes it’s pretty unproductive, but I find it enjoyable to think about business or investment problems. They’re easy, it’s the human problems that are the tough ones. Sometimes there aren’t any good answers to human problems; there is almost always a good answer with money.