VALUE-CREATION

The easiest way to make money is to create something of such value that everybody wants it and go out and give it to them.

The same hotel room is worth $200 a night or $800 a night depending on the brand on the door. Real estate is a branding business. Most real estate people do not understand that.

Price is a consequence of value creation, not the other way around. If a business creates enough value, the stock price takes care of itself.

We don't buy companies to flip them. We buy them to fix them.

Operational improvement is more sustainable than financial engineering.

I don't represent talent. I create ecosystems where talent becomes worth ten times what they were before they walked in my door.

The opportunity in enterprise software is not in building the next unicorn. It is in taking proven businesses and making them excellent.

We are not in the business of selling merchandise. We are in the business of giving our members value.

Private equity firms are now, I think, being respected as partners who can add value well beyond the capital that they provide.