The ability to learn faster than competitors may be the only sustainable competitive advantage.

I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.

Once a company has adapted to a new environment, it is no longer the organization it used to be it has evolved. That is the essence of learning.

A company's success no longer depends primarily on its ability to raise investment capital. Success depends on the ability of its people to learn together and produce new ideas.

Companies die because their managers focus on the economic activity of producing goods and services, and they forget that their organizations' true nature is that of a community of humans.