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I try to figure out the marketing puzzle.
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If I'm on the board of any company where there's an offer that comes in, I want to negotiate.
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You know what term you don't hear anymore? Arbitrage. The markets have gotten too efficient.
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The activists play the balance sheet by selling a division to buy back stock and leveraging the balance sheet and buying back more stock.
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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.
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Rupert Murdoch is a good friend of mine.
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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.
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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.
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Sometimes it takes longer to create value, but if the companies generate more earnings, the stocks will ultimately reflect that.
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It appears that PepsiCo views structural change as a sign of weakness, an admission of failure, and an untenable break with past traditions.
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I understood the power of Heinz since I was a kid, and I started to work for my father selling food to restaurants.
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I spent most of my career operating businesses and fixing businesses, not staring at a Bloomberg screen.
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I don't mind anybody coming after me as long as they're coming with facts.
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Before, Tiffany sold watches only in its own stores. Now, Tiffany watches are sold in 1,500 stores.
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I believe in pay for performance.
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You must make some decisions Wall Street dislikes.
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The name 'Mondelez' I hate. It sounds like a disease.
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Sequestration, sequestation - however you pronounce that word - and gridlock aren't all that bad.
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I'm willing to have two directors on the DuPont board, me being one of them.