I spent most of my career operating businesses and fixing businesses, not staring at a Bloomberg screen.
Legg Mason's structure is misunderstood by the market. Legg Mason has an affiliate model. They own 100% of their affiliates, which are investment managers such as Permal, Western Asset Management, and Royce.
You know what term you don't hear anymore? Arbitrage. The markets have gotten too efficient.
My kids are exhausted every day, and I keep them that way. It's gym, ice, homework. They're too tired to get in trouble.
I try to figure out the marketing puzzle.
Sometimes it takes longer to create value, but if the companies generate more earnings, the stocks will ultimately reflect that.
You must make some decisions Wall Street dislikes.
I believe in pay for performance.
The name 'Mondelez' I hate. It sounds like a disease.
After Cadbury, the candy company, separated from Dr. Pepper, the soft drinks maker, Cadbury was able to substantially lower its debt load. The profits of Cadbury, the candy company, zoomed.
If I'm on the board of any company where there's an offer that comes in, I want to negotiate.
Rupert Murdoch is a good friend of mine.
I don't mind anybody coming after me as long as they're coming with facts.
The activists play the balance sheet by selling a division to buy back stock and leveraging the balance sheet and buying back more stock.
Before, Tiffany sold watches only in its own stores. Now, Tiffany watches are sold in 1,500 stores.
I understood the power of Heinz since I was a kid, and I started to work for my father selling food to restaurants.
Sequestration, sequestation - however you pronounce that word - and gridlock aren't all that bad.
I'm willing to have two directors on the DuPont board, me being one of them.
It appears that PepsiCo views structural change as a sign of weakness, an admission of failure, and an untenable break with past traditions.
