19 Quotes by John Kay

In an illuminating comment on the financialisation of business, Jack Welch — now long retired from General Electric — would in 2009 proclaim shareholder value 'the dumbest idea in the world.

We incline to see history through the lives of great men. That inclination blinds us to the real complexity …

A policy of ‘naming and shaming’ is ineffective if everyone has been named and shamed.

… the problem, and our understanding of it, changes as we tackle it.

There is probably no worse investment strategy than following the conventional wisdom with a time-lag, and that is precisely what many small investors do - often with the encouragement of their advisers.

To win the lottery once may be evidence of luck or skill; to win it repeatedly is evidence of skill.

An asset is worth what someone is willing to pay for it; and the value of an asset is the cash it will generate over its life.

Value investing was once the purchase of tangible assets at levels below their market value. Value investing today is buying sustainable competitive advantages at a good price.

Three simple rules - pay less, diversify more and be contrarian - will serve almost everyone well.