FISCA Talk - Financial Planning

Here is the handout for the FISCA talk on financial planning. Feel free to download and print the handout. You can attend the talk organised by FISCA by registering in www.easysearch.sg/fisca (click on Events).

FISCA Talk - Get value from your life insurance

This is the handout of the talk given by FISCA on life insurance. Attend the talk and get a better understanding of how to select the right life insurance policy. Feel free to download the PDF for your reading. If you wish to attend the talk, go to www.easysearch.sg/fisca and click on "Events".

Let elected MPs do their duty

This letter was not published in the Straits Times.

31 August 2011

Editor
Forum Page
Straits Times

I refer to the letter from the director of corporate and marketing communication of the People's Association "Why opposition MPs cannot be grass-roots advisers". She said, "Besides connecting people to people, grassroots advisers are required to help the Government connect with people and help promote government policies and programs such as anti-dengue and active ageing........Opposition MPs cannot be expected to do this and thus cannot become advisers to GROs."

I am disappointed with this partisan position taken publicly by a senior civil servant. I would request her to take a more objective look at the mission of the People's Association, which is to build and bridge communities and promote racial harmony and social cohesion in Singapore. I could not detect any reference to the need to link up with the people ONLY through the ruling party which forms the Government.

Members of Parliament from all political parties were elected to represent the people in their constituency. It can be argued that they are part and parcel of the government process of community engagement and representation. They should be entrusted with the role. All MPs, regardless of their political party affiliation, are paid out of public funds and should be required to perform the duties for which they are paid - otherwise, the public funds would be wasted.

I would suspect that the defeated candidates from the ruling party would have to struggle with the indignity of being advisers to grassroots organizations which have to connect with people who have rejected them. It does make a mockery of our democratic system.

After the last general elections, the Prime Minister had sincerely pledged to engage the people of Singapore and to respond objectively. I respect him for that and urge him to take a closer look at this aberration of our democratic process and let the opposition MPs do the job that they have been entrusted with by the people.

If they still do a good job, they deserve to be given the chance to be chosen again by the people. If they do not, despite the level playing field, the decision of the people will be swift and sure.

I would also call on the professionals in the publicly funded statutory bodies to perform their duty in a neutral and non-partisan manner. Singapore has matured and there's no need to perpetuate the political baggage of a different era.

Tan Kin Lian

“Boys and Girls of the net” self-portraits

Voice of the People website

Should Tan Kin Lian take the next step to organize discussions under :"the voice of the people"? Please take part in this survey.

Statement from Tan Kin Lian on the Presidential Election

31 August 2011

The outcome of the Presidential elections was obviously a shock to me. I expected a much better result and the prospect of polling less than the 12.5% of the votes (and losing the deposit) was felt to be remote.

Some commentators said that I should have known the ground feel on nomination day and withdrawn my candidacy then. This would have given the other "non-establishment" candidates the vital additional votes needed to win the elections and save me from the dismal disappointment of receiving only 4.9 per cent of the votes as well as a substantial financial loss.

As always, the wisdom of hindsight never fails but the truth was that on nomination day, the voters were still largely undecided on whom they would be voting, if at all.

My private surveys as well as information from a third party survey pointed to a credible level of support for me. I had also expected strong support from the heartlanders and the over 1 million policyholders of NTUC Income (where I had served for 30 years) as well as many people who remembered my advocacy of public causes and the plight of those who suffered investment losses during the last financial crisis.

Stacked against these positive indications was an on-line poll on Yahoo which showed a low level of support for me. However, I felt that the online poll was not representative of the entire voting population, as proven in the recent general election, and there were indications that this particular poll had been manipulated.

Anyway, it would have been difficult for me to drop out of the contest at nomination date. I would have disappointed the people who wanted to vote for me and also my supporters, who had put in a lot of work during the previous six weeks and my donors.

There was also the risk that I would be considered a coward or a quitter or someone who was never serious about the election. Most importantly, I felt that I could offer a choice of a different platform for Singaporeans to decide,

Some people asked if I would have withdrawn if I had reliable information that my support was less than 10%. The answer is that this is a moot point as we did not have that information. As already shared, we believed that on nomination day, the voters were still largely uncommitted.

I decided to contest the election on my platform to be the voice of the people, to use the influence of the President to make life better for Singaporeans and to be a truly non-partisan candidate. I worked hard to bring this message across in the TV broadcasts and the forums among the four candidates.  Regrettably, I failed to convince the voters and became the candidate with the least votes.

I also suffered considerable damage from some mis-reporting by the mainstream media. My proposal on giving better recognition to male citizens who served national service was wrongly reported as advocating that females should also serve national service. Although the media reported my correction on this point, the damage had already been done and was irreparable. I also suffered from negative slant in the reporting on some other issues – which I shall not dwell on.

My post mortem showed that there were a few weaknesses in my campaign strategy, my image and messaging. I shall not go into them in detail. 

The clear and positive message, sent in by many people after the results including those who did not vote for me, was that I was seen to be “sincere, courageous and spoke for Singaporeans”. I like to thank them for their support, understanding and encouraging words.

I was accused by my detractors of being the person responsible for letting Dr. Tony Tan become elected as President. They argued that I should have withdrawn, so that a “non-establishment” candidate could have been voted in.  I had already explained why I could not take this approach.

I would also make the point that it was really up to the last candidate to withdraw as his platform was similar to mine in several respects. In the arena of natural justice, it is really only fair that the last one in should bear the responsibility for the outcome of the changed situation

My approach was to let the people of Singapore decide on the best person to be President. I do not have any preference for any particular candidate – not even for myself. I had congratulated Dr. Tony Tan for winning a hard fought contest. Time will tell if he can deliver the promise that he will act independently of the Government and protect the interest of Singaporeans. I feel that we should give him that chance.

The election had cost me and my donors a total of $120,000, including the loss of the deposit and also a dent to my reputation.  However, I have already managed the disappointment and will take a positive attitude towards this outcome. I did receive slightly more than 100,000 votes from people who believed in my platform and looked positively towards me. Their trust and regard are worth the price that I have to pay.

I had also given a choice to the people of Singapore of a truly non-partisan platform. I respect their decision at this time but hope that the non-partisan concept embodied in my platform will find their support in the future.

I am willing to continue the work of being “the voice of the people”. If there is sufficient interest and support from other interested people, I will create a new website and mechanism to implement this role.  If not, I will try to play this role in a smaller way.

I would like to thank the small team of about 50 people that had worked hard with me throughout the campaign and to the generous donors. They had put in time, dedication, support and care.  I thank them very much for sharing the passion with me. My thanks also go to the 100,000 over people who voted for me.

What are my plans for the future? Will I take part in a future general or presidential election? I will keep an open mind on this question. It will be decided at the right time in the future. In the meantime, I will continue to serve the people of Singapore by communicating with them through the social media and also assist them to the best of my limited ability.

To conclude, I would like to leave everyone with the following quote from Marilyn Vos Savant -

“Being defeated is often a temporary condition. Giving up is what makes it permanent.”

I have not given up.

Tan Kin Lian
Candidate for the Presidential Election, 2011

TKL Facebook (www.facebook.com/kinlian)

I will be using Facebook more often from now. I invite my blog readers to go to www.facebook.com/kinlian and like my Facebook page. You can login regularly to get my views there.

Beware of investment scams

Singapore has a pro-business environment and adopts a  "buyer beware" approach towards business dealings. Under this lax regulatory environment, several investment scams have surfaced in Singapore. I became aware of these scams after the victims had written to me for my assistance.

I wish to share some of these shady investments or scams with you.

a) Gold bar. This investment product pays an attractive interest rate, say 2% every 3 months, and promises to return the full capital at the end of the period of 6 or 12 months. There is also a certificate to allow you to collect the gold bar from a trusted third party, if the buy back guarantee is not honored. The risk is that the promoter will not honor the buyback contract, citing cash flow problems and other reasons. When you get the gold bar, you will find that you had paid a higher price than the real market value of the gold . I know of a specific case where the  investor had paid a price, quoted in SGD per gram, which was 30% higher than the market price of the gold (expressed in USD per ounce). Although the price of gold had appreciated, the investor has recover the 30% in inflated price, before seeing any real gain.

b) Wine investment. This promoter sells you a portfolio of wine and convinces you that you can earn an attractive return, say 50%, when the wines are auctioned off in three years time. Several investors waited patiently for the stipulated period and received excuses why the auction could not be carried, e.g. bad market conditions. They were then pressured to make additional purchases to make a sufficiently large portfolio for a future auction. In most cases, the investors were not aware that they were sold the wines at twice of their real market price. It would not be possible to auction off the wine at a profit, if the investor had paid an inflated price.

c)  Land banks. The promoter sells land plots in foreign countries, usually under agricultural or green zoning, at a price that seemed incredibly low compared to land in Singapore. The promoter promised to apply for change of zoning within 5 to 8 years and allow the land to be sold at a large capital gain. Many investors waited patiently for the planning approval but it never happened. They were not aware that they had been sold the land at 10 to 15 times of the real market value. Under this situation, who would buy the land from them at a higher inflated price?

d) Spa packages. One promoter opened a chain of spas and sold spa packages giving discount on spa treatments to be carried out over the next 12 to 18 months. The promoter closed their operations and many customers were not able to get the treatment that they had paid for. Another spa operator took over the liability, but it is not clear if the customer had received the value for the money that they had paid.

Here is the lesson. Always avoid putting your money in investments that promise an attractive return offered by companies that are not regulated by the authority. Even if they are regulated, you have to read and understand the investment contract and be aware of the potential risk. Do not trust the assurance of the person who markets the investment to you, as the marketer might give you some wrong information due to the desire to close the sale and earn the commission. Even if the marketeer is your friend, be aware that he might have been ignorant of the real risk of the investment.

Tan Kin Lian

Streaming of Financial Planning Talk

Here is your chance to  learn about Financial Planning from the comfort of your home.

Presentation Video is at http://www.ustream.tv/recorded/16496127 

Q&A video is at http://www.ustream.tv/recorded/16497833. 

Here is the handout for the talk. 

Selamat Hari Raya Aidilfiltri

Selamat Hari Raya Aidilfiltri to all Muslim friends.

FISCA website - interesting articles

The FISCA website contains interesting articles on financial and consumer matters. A few articles will be posted each day. You can view them at www.easysearch.sg/fisca. Some articles will be available for the public (click on the information tab) and others will be available only to members (after login).

Visit the FISCA website a few times each week and keep abreast of these issues. The direct link is http://easyapps.sg/assn/Org/Information.aspx?id=5

Be aware of investment risks

A few people have approached me for assistance regarding their investment losses. They entrusted large sums of money to the wealth managers working for the banks. The investors claimed that they were not aware about how their money were invested and trusted that the wealth manager would take care of their investments. They end up with large losses.

In some cases, the investors were not able to read the portfolio statements, so it is likely that they were quite ignorant about the investments.

Some of the investments were in linked investments or leveraged investments, which carried high risks. These types of investments are speculative, and depend on the skill of the wealth manager to make the right timing decisions. It is almost impossible to acquire this type of skill. Some timing decisions is similar to gambling in a casino - a lot depends on luck.

It is likely that the wealth managers who contributed to these bad investments are also inexperienced in this field.

The more experienced wealth managers are likely to give more prudent advice - such as diversification of risk and selecting the right asset mix. In these cases, the potential return is likely to be modest, after deducting the fee payable to the manager. The investor should accept the lower yield, that commensurate with the lower risk. If the investor wants a higher yield, the wealth manager is likely to be forced to take a more risky approach - which can lead to disaster.

It is important that the investor should be aware of the risk and should select the knowledgeable wealth manager. If the investor is not aware about the risk of investments, it is better for the wealth manager to decline to take the client - so as to avoid these potential problems.

My advice: never invest in any investment that you do not understand. Invest in your education by attending the financial planning workshop organised by FISCA (www.easysearch.sg/fisca).

Tan Kin Lian

Understand the issues

Dear Mr. Tan,

Well done on the recent Presidential Election.

I'm not a Singaporean and have no rights to vote, but I have been keeping myself updated on the events. I may be wrong, but all along, I think you will be somehow crippled in your ability to help ordinary Singaporeans if you become a statesman. So, although I'm not happy with the outcome, but I do think that it's not a bad outcome.

I admire your spirit and courage to step forward for the election, it must have been a hard and long 10 days for you and your family, but I believe it's a fruitful journey.

Having been in a position to see the differences between the policies in NZ and Spore, I see some of your points, eg. a minimum wage. Unfortunately, I think some issues are not appreciated by a certain portion of the population, for example the NS one, I suspect a significant number of the female population was put off as the perception is that it's going to "disadvantage" them. The misquoting by the media is not helping either.

Finally, a Hi5! to you, Sir.

Take care.

Hang Lian

Help people in need

Dear Mr Tan,

I would like to thank you for standing up and contest in the Presidential Elections.

Despite your initial reluctance and the tough competition, you still went ahead with the attempt.

I was touched by your sincerity that could be seen in all your speeches and your voice.

I am only 19 and did not have the chance to vote, but I am here to give my 2 cents worth on what I have seen.

Although you have lost the deposit of S$48k and only garnered less than 5% of the votes, you have gained the appreciation of thousands of Singaporeans.

They may not have voted for you but they know your courage and enthusiasm in helping people in need.

You have mentioned many times in your speeches about your mini-bond campaign to help the people.

However, in my humble opinion, it was not enough to prove to the people how you can be a unifying figure who speaks for them.

Singaporeans want the growing divides to be lessened.

You also did not leverage the advantage of knowing 4 languages as you hardly spoke during the rally.

I think it was a huge mistake to let too many speakers talk in your rally.

The main person should be you as you are the candidate for Presidency.

The people want to hear what you have to say, not others.

I know that you sincerely have the commitment to be a voice of the people but the points you spoke of were not enough.

With utmost respect to you, I will take Dr Tan Cheng Bock as an example.

Dr Tan garnered just 0.34% less than the current President-Elect.

This was due to the way he campaigned and his methods of getting connected to the people.

He stayed away from bread and butter issues, and did not promise anything he could not do as a President.

The people could not see the reasons to vote for you, other than knowing that you are a really kind and good man.

It was a pity that they did not have the chance to listen to what you have to say.

I think you will do better as a man than a President.

As President, you can only control the national reserves and attempt to influence the ruling party in decision making.

However, you cannot take part in any of them.

As a man, you can do much more than that!

I hope you will continue to help people in need, like the poor and lower-income Singaporeans.

Help can come in the form of educating other Singaporeans on the issue and not necessarily money.

There is still many things to point out but I think it is pointless as the PE2011 is over.

I agree to the things you want to do for Singapore but as President, many of which you have said is not possible.

The important thing is you have experienced and learnt from this.

I wish you all the best in whatever you do.

Finally, I want to thank you for everything you have done.

Many people will misunderstand you on the basis of rumours and stories.

As long as you stay true to yourself, don't be discouraged and carry on!

Yours sincerely,

Terence Tan.

Why I voted for TKL

Dear Mr Tan,


My mother and I both voted for you. We marked a " Cross " on the last " Tan " box. There are 4 Tans. BUt we both VOTED for you.


We are touched by your generous offer to donate half your President's Pay to charity. I do NOT know why your message of the " Hi 5 " did NOT get across to Singaporeans.


I personally like your ideas of " Pension " for the elderly. My mother is old. A pension for the old would be good for her. CPF money have NOT be enough for retirement.


I don't know why you received only 4.91 % of the votes. I was praying for you to win the Presidential Election.


Do NOT lose hope. I feel sorry that you lost your SGD 48,000 deposit. I think Singaporeans should and ought to have given you a chance.


Milan Lee

Books by Tan Kin Lian

The limited period offer for my books will end soon. To place your order now, go to www.tankinlian.com/ishop and enjoy discounts of up to 50% for my books on financial planning, life insurance and puzzles.

Appreciation from a supporter

Firstly, I would like to congratulate you for taking the courage to come forward to stand in the Presidential election, though you have not make it and lost your deposit etc. 

Mr Tan, I know you are the people's people and I am definitely sure there is a purpose for the defeat.  With your 'voices of the people' website I know moving forward singaporeans need an avenue for them to voice out.   A good example, the result shows the high percentage of singaporeans still unhappy with even the current policies and that is why they vote others instead and want a active President with transparency and not a passive President just lay back and collect $m.  Knowing how the current system works, probably any feedback given to the civil service will not be actioned.  This is proven todate.   With your website, at least other singaporeans will know what is going on

Mr Tan, though I was unable to assist you due to the demise of my father, my family would like to thank you for your presence during the wake despite your tight schedule   You are really a people's person.   Imagine during the wake period, no sight of the presence or a note of condolences from his MP.   This is really sad.  Compared to opposition wards I understand that their MPs make it a point to attend every wake in their ward.  This is really complacency and such MPs should not even exist.

Once again, thank you, Mr Tan.

David Soh

Message from Tan Kin Lian

I congratulate Dr. Tony Tan for his success in this Presidential election.

I wish to thank the voters who have shown their confidence in me. The campaign has been a good experience for my campaign team and for me, and I was glad to meet many ordinary people in Singapore who has greeted me with warmth and friendship.

My family and I also thank all my campaign volunteers, supporters, donors and well wishers for their dedication, tireless energy and care throughout the campaign.

I will continue to demonstrate my care and concern for the people of Singapore and will strive to be the Voice of the People through other channels.

Tan Kin Lian
Candidate for Presidential Election, 2011

Perspective of Presidential Election 2011

I will write a note each day giving my personal perspective of the major events that have occurred during the my participation in the Presidentail Election 2011. I will start with the shocking results of polling only 5% of the votes among a field of 4 candidates.

www.facebook.com/kinlian

Post mortem on Presidential campaign

I was disappointed with my low score in the Presidential campaign. Please share your feedback in this survey.

Note: I have received over 100 replies within 8 hours! As the survey has reached its limit, it is now closed. You can now post your comments. (You can read the survey results in my facebook, www.facebook.com/kinlian.

Cooling off Day for the Presidential Election

There will be no posting of articles and comments in this Blog for 26 August (Cooling Off Day) and 27 August (Presidential Election). Posting will resume at 8 pm on 27 August. 

Election Symbol

My election symbol is a raised hand in a speech box. The raised hand represents the people of Singapore and the five fingers symbolises the 5 personal values that I hope will guide our country: Honesty, Fairness, Positive Attitude, Courage and Public Service. The hand is inside a speech box which represents my slogan to be the Voice of the People.

The colour of our campaign is Red+White (representing Singapore) and Grey (representing independence from any political party).

Video recordings of rally speeches

Full speech by Tan Su Ling

Video streaming by UstreamMy eldest daughter, Su Ling, had to cut short her speech at the rally last night as there was not enough time. Here, she gives her the full speech at a Press Conference today.

Steve Jobs’s Best Quotes

Steve Jobs has stepped down as CEO of Apple, the company he founded and turned into the largest technology company in the world. Although his tenure as CEO will be remembered for ushering in fundamental changes in the way people interact with technology, he has also been known for his salesmanship, his ability to turn a phrase – and a knack for taking complicated ideas and making them easy to understand. Below, a compendium of some of the best Steve Jobs quotes.

On Technology

“It takes these very simple-minded instructions—‘Go fetch a number, add it to this number, put the result there, perceive if it’s greater than this other number’––but executes them at a rate of, let’s say, 1,000,000 per second. At 1,000,000 per second, the results appear to be magic.” [Playboy, Feb. 1, 1985]

***

“The problem is I’m older now, I’m 40 years old, and this stuff doesn’t change the world. It really doesn’t.

“I’m sorry, it’s true. Having children really changes your view on these things. We’re born, we live for a brief instant, and we die. It’s been happening for a long time.”

***

“Technology is not changing it much — if at all.

“These technologies can make life easier, can let us touch people we might not otherwise. You may have a child with a birth defect and be able to get in touch with other parents and support groups, get medical information, the latest experimental drugs. These things can profoundly influence life. I’m not downplaying that.

“But it’s a disservice to constantly put things in this radical new light — that it’s going to change everything. Things don’t have to change the world to be important.” [Wired, February 1996]

***

“I think it’s brought the world a lot closer together, and will continue to do that. There are downsides to everything; there are unintended consequences to everything. The most corrosive piece of technology that I’ve ever seen is called television — but then, again, television, at its best, is magnificent.” [Rolling Stone, Dec. 3, 2003]

On Design

“We think the Mac will sell zillions, but we didn’t build the Mac for anybody else. We built it for ourselves. We were the group of people who were going to judge whether it was great or not. We weren’t going to go out and do market research. We just wanted to build the best thing we could build.

When you’re a carpenter making a beautiful chest of drawers, you’re not going to use a piece of plywood on the back, even though it faces the wall and nobody will ever see it. You’ll know it’s there, so you’re going to use a beautiful piece of wood on the back. For you to sleep well at night, the aesthetic, the quality, has to be carried all the way through.” [Playboy, Feb. 1, 1985]

***

“Design is a funny word. Some people think design means how it looks. But of course, if you dig deeper, it’s really how it works. The design of the Mac wasn’t what it looked like, although that was part of it. Primarily, it was how it worked. To design something really well, you have to get it. You have to really grok what it’s all about. It takes a passionate commitment to really thoroughly understand something, chew it up, not just quickly swallow it. Most people don’t take the time to do that.

“Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while. That’s because they were able to connect experiences they’ve had and synthesize new things. And the reason they were able to do that was that they’ve had more experiences or they have thought more about their experiences than other people.

“Unfortunately, that’s too rare a commodity. A lot of people in our industry haven’t had very diverse experiences. So they don’t have enough dots to connect, and they end up with very linear solutions without a broad perspective on the problem. The broader one’s understanding of the human experience, the better design we will have. [Wired, February 1996]

***

“For something this complicated, it’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.”

“That’s been one of my mantras — focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.”[BusinessWeek, May 25, 1998, in a profile that also included the following gem: "Steve clearly has done an incredible job," says former Apple Chief Financial Officer Joseph Graziano. "But the $64,000 question is: Will Apple ever resume growth?"]

***

“This is what customers pay us for–to sweat all these details so it’s easy and pleasant for them to use our computers. We’re supposed to be really good at this. That doesn’t mean we don’t listen to customers, but it’s hard for them to tell you what they want when they’ve never seen anything remotely like it. Take desktop video editing. I never got one request from someone who wanted to edit movies on his computer. Yet now that people see it, they say, ‘Oh my God, that’s great!’” [Fortune, January 24 2000]

***

“Look at the design of a lot of consumer products — they’re really complicated surfaces. We tried to make something much more holistic and simple. When you first start off trying to solve a problem, the first solutions you come up with are very complex, and most people stop there. But if you keep going, and live with the problem and peel more layers of the onion off, you can often times arrive at some very elegant and simple solutions. Most people just don’t put in the time or energy to get there. We believe that customers are smart, and want objects which are well thought through.” [MSNBC and Newsweek interview, Oct. 14, 2006]

On His Products

“I don’t think I’ve ever worked so hard on something, but working on Macintosh was the neatest experience of my life. Almost everyone who worked on it will say that. None of us wanted to release it at the end. It was as though we knew that once it was out of our hands, it wouldn’t be ours anymore. When we finally presented it at the shareholders’ meeting, everyone in the auditorium gave it a five-minute ovation. What was incredible to me was that I could see the Mac team in the first few rows. It was as though none of us could believe we’d actually finished it. Everyone started crying.” [Playboy, Feb. 1, 1985]

***

Playboy: We were warned about you: Before this Interview began, someone said we were “about to be snowed by the best.” [Smiling] “We’re just enthusiastic about what we do.” [Playboy, Feb. 1, 1985]

***

“We made the buttons on the screen look so good you’ll want to lick them.” [On Mac OS X, Fortune, Jan. 24, 2000]

***

“It will go down in history as a turning point for the music industry. This is landmark stuff. I can’t overestimate it!” [On the iTunes Music Store, Fortune, May 12, 2003]

***

“Every once in a while a revolutionary product comes along that changes everything. … One is very fortunate if you get to work on just one of these in your career. Apple’s been very fortunate it’s been able to introduce a few of these into the world.” [Announcement of the iPhone, Jan. 9, 2007]

On Business

“You know, my main reaction to this money thing is that it’s humorous, all the attention to it, because it’s hardly the most insightful or valuable thing that’s happened to me.” [Playboy, Feb. 1, 1985]

***

“Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful… that’s what matters to me.” [The Wall Street Journal, May 25, 1993]

***

Q: There’s a lot of symbolism to your return. Is that going to be enough to reinvigorate the company with a sense of magic?

“You’re missing it. This is not a one-man show. What’s reinvigorating this company is two things: One, there’s a lot of really talented people in this company who listened to the world tell them they were losers for a couple of years, and some of them were on the verge of starting to believe it themselves. But they’re not losers. What they didn’t have was a good set of coaches, a good plan. A good senior management team. But they have that now.” [BusinessWeek, May 25, 1998]

***

“Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.” [Fortune, Nov. 9, 1998]

***

“The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament.” [Apple Confidential: The Real Story of Apple Computer Inc., May 1999]

***

“The problem with the Internet startup craze isn’t that too many people are starting companies; it’s that too many people aren’t sticking with it. That’s somewhat understandable, because there are many moments that are filled with despair and agony, when you have to fire people and cancel things and deal with very difficult situations. That’s when you find out who you are and what your values are.

“So when these people sell out, even though they get fabulously rich, they’re gypping themselves out of one of the potentially most rewarding experiences of their unfolding lives. Without it, they may never know their values or how to keep their newfound wealth in perspective.” [Fortune, Jan. 24, 2000]

***

“The system is that there is no system. That doesn’t mean we don’t have process. Apple is a very disciplined company, and we have great processes. But that’s not what it’s about. Process makes you more efficient.

“But innovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea, or because they realized something that shoots holes in how we’ve been thinking about a problem. It’s ad hoc meetings of six people called by someone who thinks he has figured out the coolest new thing ever and who wants to know what other people think of his idea.

“And it comes from saying no to 1,000 things to make sure we don’t get on the wrong track or try to do too much. We’re always thinking about new markets we could enter, but it’s only by saying no that you can concentrate on the things that are really important. [BusinessWeek, Oct. 12, 2004]

On His Competitors

Playboy: Are you saying that the people who made PCjr don’t have that kind of pride in the product?

“If they did, they wouldn’t have made the PCjr.” [Playboy, Feb. 1, 1985]

***

“Some people are saying that we ought to put an IBM PC on every desk in America to improve productivity. It won’t work. The special incantations you have to learn this time are the “slash q-zs” and things like that. The manual for WordStar, the most popular word-processing program, is 400 pages thick. To write a novel, you have to read a novel––one that reads like a mystery to most people. They’re not going to learn slash q-z any more than they’re going to learn Morse code. That is what Macintosh is all about.” [Playboy, Feb. 1, 1985]

***

“The only problem with Microsoft is they just have no taste. They have absolutely no taste. And I don’t mean that in a small way, I mean that in a big way, in the sense that they don’t think of original ideas, and they don’t bring much culture into their products.”

“I am saddened, not by Microsoft’s success — I have no problem with their success. They’ve earned their success, for the most part. I have a problem with the fact that they just make really third-rate products.” [Triumph of the Nerds, 1996]

***

“I wish him the best, I really do. I just think he and Microsoft are a bit narrow. He’d be a broader guy if he had dropped acid once or gone off to an ashram when he was younger.” [On Bill Gates, The New York Times, Jan. 12, 1997]

On Predicting the Future

“I’ll always stay connected with Apple. I hope that throughout my life I’ll sort of have the thread of my life and the thread of Apple weave in and out of each other, like a tapestry. There may be a few years when I’m not there, but I’ll always come back. [Playboy, Feb. 1, 1985]

***

“The most compelling reason for most people to buy a computer for the home will be to link it to a nationwide communications network. We’re just in the beginning stages of what will be a truly remarkable breakthrough for most people––as remarkable as the telephone.” [Playboy, Feb. 1, 1985]

***

“The desktop computer industry is dead. Innovation has virtually ceased. Microsoft dominates with very little innovation. That’s over. Apple lost. The desktop market has entered the dark ages, and it’s going to be in the dark ages for the next 10 years, or certainly for the rest of this decade.

“It’s like when IBM drove a lot of innovation out of the computer industry before the microprocessor came along. Eventually, Microsoft will crumble because of complacency, and maybe some new things will grow. But until that happens, until there’s some fundamental technology shift, it’s just over.” [Wired, February 1996]

***

The desktop metaphor was invented because one, you were a stand-alone device, and two, you had to manage your own storage. That’s a very big thing in a desktop world. And that may go away. You may not have to manage your own storage. You may not store much before too long. [Wired, February 1996]

On Life

“It’s more fun to be a pirate than to join the navy.” [1982, quoted in Odyssey: Pepsi to Apple, 1987]

***

“When you’re young, you look at television and think, There’s a conspiracy. The networks have conspired to dumb us down. But when you get a little older, you realize that’s not true. The networks are in business to give people exactly what they want. That’s a far more depressing thought. Conspiracy is optimistic! You can shoot the bastards! We can have a revolution! But the networks are really in business to give people what they want. It’s the truth.” [Wired, February 1996]

***

“I’m an optimist in the sense that I believe humans are noble and honorable, and some of them are really smart. I have a very optimistic view of individuals. As individuals, people are inherently good. I have a somewhat more pessimistic view of people in groups. And I remain extremely concerned when I see what’s happening in our country, which is in many ways the luckiest place in the world. We don’t seem to be excited about making our country a better place for our kids.” [Wired, February 1996]

***

“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.” [Stanford commencement speech, June 2005]

***

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.” [Stanford commencement speech, June 2005]

***

“Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.” [Stanford commencement speech, June 2005]

***

“I think if you do something and it turns out pretty good, then you should go do something else wonderful, not dwell on it for too long. Just figure out what’s next.” [NBC Nightly News, May 2006]

***

And One More Thing

“No one wants to die. Even people who want to go to heaven don’t want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life’s change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” [Stanford commencement speech, June 2005]