“I never confuse the cost of something with its value”

“Value innovation is created in the region where a company's actions favorably affect both its cost structure and its value proposition to buyers. Cost saving are made by eliminating and reducing the factors an industry competes on. Buyer value is lifted by raising and creating elements the industry has never offered. Over time, costs are reduced further as scale economics kick in due to the high sales volumes that superior value generates.”

“Nothing gained without cost is valued. Freedom has a cost, and all will bear it so all will value and preserve it.”

“Never confuse faith, or belief — of any kind — with something even remotely intellectual.”

“I have never known what to tell anybody. Except that it is better to do something than nothing, even if the cost is great.”

“As with all theories, we can learn something from agency theory and transaction-costs economics, since they emphasize something others hide. But as with all theories, they also distort; in fact, I will argue that their distortions outweigh the value of what they highlight.”

“I believe in the value of the book, which keeps something irreplaceable, and in the necessity of fighting to secure its respect.”

“The rate of investment – the speed at which investors wish to increase the capital stock – should be related, if to anything, to q, the value of capital relative to its replacement cost.”

“Life has a value only when it has something valuable as its object.”

“I never confused what I had with what I was.”