“If we did not do this already, would we, knowing what we now know, go into it?” Peter Drucker’s question can be applied in both the big picture and small picture – from the broadest strategic moves of your company to its tiniest daily processes. More than that: try substituting “company” in the previous sentence for “department”, “nation”, “regulatory system” and even “life”.
In this second post looking back to memorable moments in IP’s own letters to its shareholders, we continue to discuss our company’s “inner workings”. Again, the idea is to reveal as much as we can about the processes that should, over time, generate favorable outcomes for our investment ideas.
We’re looking back to our recent letters to our shareholders and every now and then we’ll post some quotes we’d like to share with you. Since this is the first installment in this series, we’ll dwell a little bit longer in one specific subject – risk management.
“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty” – Winston Churchill
“In evaluating people, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you.” – Warren Buffett
