“Vision, the hallmark of leadership, is less a derivative of spreadsheets and more a product of the mind called imagination.”

Keep focused on the substantive issues. To make a decision means having to go through one door and closing all others.

Innovation grows out of membership and a sure sense of responsibility people feel for their work and the organizations that employ them.

Imagination in business is the ability to perceive opportunity.

Leaders adopt a personal and active attitude toward goals.

In other words, leaders are visionaries and managers operate within those established visions.

The direction an organization takes. The net result of this influence is to change the way people think about what is desirable, possible, and necessary.

The influence a leader exerts in altering moods, evoking images and expectations, and in establishing specific desires and objectives determines

Leaders are active instead of reactive, shaping ideas instead of responding to them.

If you want to understand entrepreneurs, you have to study the psychology of the juvenile delinquent. They don’t have the same anxiety triggers that we have.

Leadership requires using power to influence the thoughts and actions of other people.

The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions…

Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.

Derivatives have permitted the unbundling of financial risks.

What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.