“More people are interested in trying to shuffle paper assets around than building lasting assets by producing real goods.”

— Akio Morita

Akio Morita (1989) in: Peter Krass ed. (2000) The Book of Management Wisdom: Classic Writings by Legendary Managers. p. 235.

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Akio Morita 47

Japanese businessman 1921–1999

Rudiger Dornbusch (1942–2002) German economist

Source: Open economy macroeconomics, 1980, p. 71

“We will argue that the long-run value of a related diversification lies not so much in the exploitation of economies of scope (asset amortization) - where the benefit is primarily short-term - but in allowing corporations to more cost efficiently expand their stocks of strategic assets. Relatedness, which opens the way for asset improvement, asset creation and asset fission, holds the key to the long-run competitive advantages of diversification. This means that in most cases, similarities in the processes by which strategic assets are expanded and new assets are created are more important than static similarities between the strategic assets that are the outcome of these processes.”

Constantinos C. Markides (1960) Cypriot business theorist

Source: "Related diversification, core competences and corporate performance", 1994, p. 150

“In figure 3 we show the money and domestic asset market equilibrium schedules for given stocks of each of the assets. Along MM the domestic money market is in equilibrium. Higher interest rates reduce money demand so that equilibrium requires a depreciation and thus a rise in the domestic currency value of foreign assets and - hence wealth. The exchange rate thus plays a balancing role by affecting the valuation of assets.”

Rudiger Dornbusch (1942–2002) German economist

Source: Open economy macroeconomics, 1980, p. 14

“To gain profit is important, but you must invest to build up assets that you can cash in in the future.”

Akio Morita (1921–1999) Japanese businessman

Source: Made in Japan (1986), p. 157.

“The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

" My Philanthropic Pledge http://givingpledge.org/pdf/letters/Buffett_Letter.pdf" at the The Giving Pledge (2010)
Context: Some material things make my life more enjoyable; many, however, would not. I like having an expensive private plane, but owning a half-dozen homes would be a burden. Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
My wealth has come from a combination of living in America, some lucky genes, and compound interest. Both my children and I won what I call the ovarian lottery. (For starters, the odds against my 1930 birth taking place in the U. S. were at least 30 to 1. My being male and white also removed huge obstacles that a majority of Americans then faced.) My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well. I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate’s distribution of long straws is wildly capricious.
The reaction of my family and me to our extraordinary good fortune is not guilt, but rather gratitude. Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others. That reality sets an obvious course for me and my family: Keep all we can conceivably need and distribute the rest to society, for its needs. My pledge starts us down that course.