The two most important things in any company do not appear in its balance sheet: its reputation and its people.

The difference between mere management and leadership is communication.

Work mixed with management becomes not only easier but more profitable. The time is past when anyone can boast about 'hard work' without having a corresponding result to show for it.

In some circles, Walmart has this reputation of being really tough. I would say we're tough on behalf of the customer, but we always try to be fair, and if you look at the financial results of our suppliers, they've done really well, and P&G still makes more money than Walmart does after all this time, so this has worked out well for everybody, but we do keep on the pressure on behalf of the customer.

I've often felt there might be more to be gained by studying business failures than business successes.

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.