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It’s simply to say that managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
--
1982 Chairman's Letter

 

Warren Buffett

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"Strange business," said Lasher. "This crusading spirit of the managers and engineers, the idea of designing and manufacturing and distributing being sort of a holy war: all that folklore was cooked up by public relations and advertising men hired by managers and engineers to make big business popular in the old days, which it certainly wasn't in the beginning. Now, the engineers and managers believe with all their hearts the glorious things their forebears hired people to say about them. Yesterday's snow job becomes today's sermon."

 

Kurt Vonnegut

 

With joint-stock corporations, investors can place bets on the success of many different companies, without having to play a central management role in any one of them. This allows investors to diversify their financial holdings. It also allows them to capture profits on their investments, without having to get involved in the dirty, troublesome business of actually running a company.

 

Jim Stanford

 

...Board of Directors have to make certain kinds of decisions, and those decisions are pretty narrowly constrained. They have to be committed to increasing profit share and market share. That means they're going to be forced to try to limit wages, to limit quality, to use advertising in a way that sells goods even if the product is lousy. Who tells them to do this? Nobody. But if they stopped doing it, they'd be out of business. Similarly, if an editorial writer for the New York Times were to start, say, telling the truth about the Panama invasion -- which is almost inconceivable, because to become an editorial writer you'd already have gone through a filtering process which would weed out the non-conformists -- well, the first thing that would happen is you'd start getting a lot of angry phone calls from investors, owners, and other sectors of power. That would probably suffice. If it didn't, you'd simply see the stock start falling. And if they continued with it systematically, the New York Times would be replaced by some other organ. After all, what is the New York Times? It's just a corporation. If investors and advertisers don't want to support it, and the government doesn't want to give it the special privileges and advantages that make it a "newspaper of record," it's out of business.

 

Noam Chomsky

 

It has become entirely clear that we must have government supervision of the capitalization, not only of public-service corporations, including, particularly, railways, but of all corporations doing an interstate business. I do not wish to see the nation forced into the ownership of the railways if it can possibly be avoided, and the only alternative is thoroughgoing and effective legislation, which shall be based on a full knowledge of all the facts, including a physical valuation of property. This physical valuation is not needed, or, at least, is very rarely needed, for fixing rates; but it is needed as the basis of honest capitalization.

 

Theodore Roosevelt

 

Money will accomplish much in business, love and war but it isn't worth a cent in nature. You could plant all the doubloons lost in the Spanish Main on a New England farm and you would not raise a single ear of corn the more therefor. You could take the golden eagles of America and put them in the alfalfa fields of Indiana and you would not get a single blade more of grass. The moral is that nature has her own way of fixing valuation; and her valuation is the way of return made from the soil. She does not care the least what men may say, by way of trade and barter, that she is worth. Her worth in her own scales consists in her ability to produce something that will minister to the needs, the comforts and even to the luxuries of her children.

 

Thomas R. Marshall