Even so, we do have a few advantages, perhaps the greatest being that we don't have a strategic plan. Thus we feel no need to proceed in an ordained direction (a course leading almost invariably to silly purchase prices…
Our gain in net worth during 1995 was $5.3 billion, or 45.0%. Per-share book value grew by a little less, 43.1%, because we paid stock for two acquisitions, increasing our shares outstanding by 1.3%. Over the last 31…
Concentrate on one industry and watch the basket closely.
Context
Andrew Carnegie (1835–1919) was born in Scotland, immigrated to the United States as a child, and rose from cotton-mill worker to steel magnate. His key decision was to reject diversification and concentrate every resource on the steel chain, integrating iron, coke, transport, and sales. In his Autobiography he explains why he put “all good eggs in one basket”—and then watched that basket closely.
Today's question
What is the one thing you would truly put in one basket and watch—and is your current diversification risk management or an escape from focus?
Our gain in net worth during 1995 was $5.3 billion, or 45.0%. Per-share book value grew by a little less, 43.1%, because we paid stock for two acquisitions, increasing our shares outstanding by 1.3%. Over the last 31…
John D. Rockefeller：Random Reminiscences of Men and Events, Excerpt 45
John D. Rockefeller《Random Reminiscences of Men and Events》· Chapter II · Leadership
This estimable lady was violently opposed to loaners obtaining high rates of interest, and we had frequent and earnest arguments on the subject. She knew that I was accustomed to make loans for my father, and she was familiar with the rates secured. But all the arguments in the world did not change the rate, and it came down only when the supply of money grew more plentiful.
Our gain in net worth during 1995 was $5.3 billion, or 45.0%. Per-share book value grew by a little less, 43.1%, because we paid stock for two acquisitions, increasing our shares outstanding by 1.3%. Over the last 31…