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Arthur Levitt Quotes

Powerful Arthur Levitt for Daily Growth

About Arthur Levitt

Arthur Levitt Jr., born on October 16, 1930, in Brooklyn, New York, was an influential American businessman, lawyer, and statesman who served as the Chairman of the Securities and Exchange Commission (SEC) from 1993 to 2001. Born into a Jewish family, Levitt's early life was marked by hardships, as his parents struggled financially during the Great Depression. However, this adversity instilled in him a strong work ethic and a commitment to public service. He attended Stuyvesant High School, one of New York City's specialized public high schools, before earning a scholarship to Columbia University. After graduating from Columbia Law School in 1954, Levitt started his career at the law firm of Cadwalader, Wickersham & Taft. In 1960, he joined the accounting firm Coopers & Lybrand (now part of PwC), rising to become its chairman and CEO by 1973. During this time, he became known for his advocacy for corporate transparency and accountability. In 1984, Levitt was appointed as the first Chairman of the American Institute of Certified Public Accountants (AICPA) Professional Ethics Committee, where he continued to champion ethical standards in business. His efforts culminated in his nomination by President Bill Clinton to serve as SEC chairman in 1993. As SEC chairman, Levitt implemented several reforms aimed at strengthening investor protection and corporate accountability, including the modernization of accounting rules and stricter regulation of initial public offerings (IPOs). He is particularly remembered for his role in the passing of the Sarbanes-Oxley Act, a major U.S. law enacted in response to corporate accounting scandals such as Enron's collapse. Levitt retired from the SEC in 2001 and was inducted into the Accounting Hall of Fame in 2004. His life and work serve as a testament to the power of ethical leadership and the importance of transparency in business and finance.

Interpretations of Popular Quotes

"Investors must not be afraid to confront complexity with diligence and discipline."

This quote emphasizes that investors should not shy away from complex financial situations, but instead approach them with thorough research, careful analysis, and a strict adherence to disciplined decision-making processes. In other words, it encourages investors to tackle complex issues head-on, backed by diligence and self-discipline to make sound investment decisions. This mindset can lead to informed decision making and ultimately contribute to long-term investment success.

"The price of liberty is less than ever before a sacrifice worth making."

This quote by Arthur Levitt suggests that maintaining individual freedom, or liberty, has become less costly than it once was, making it a worthwhile sacrifice. It implies that the advancements in society, technology, and governance have made preserving personal freedoms more achievable with minimal negative consequences compared to historical times. This perspective underscores the value of safeguarding individual rights, even as progress continues.

"We are living in a period when change is so rapid that the only certainty is uncertainty."

This quote by Arthur Levitt highlights the present-day reality of fast-paced, dynamic change. In today's world, what was true yesterday might not hold up tomorrow due to constant innovation, technological advancements, and shifting societal norms. The only certainty in this context is the uncertainty itself, emphasizing the need for adaptability, flexibility, and continuous learning as we navigate through an ever-changing landscape.

"In the end, there's no substitute for hard work, diligence and integrity."

This quote by Arthur Levitt emphasizes that there are no shortcuts or alternatives to achieving success. Hard work, diligence (constant application and effort), and integrity (moral principles) are essential qualities required for reaching one's goals and objectives in life. In essence, the message is that persistence, honesty, and dedication to one's tasks are key factors in achieving personal and professional success.

"The financial marketplace is the mirror of our society; it reflects our hopes, our fears, our aspirations, our values."

This quote suggests that the financial marketplace serves as a reflection of society's collective psyche, encompassing its shared dreams, apprehensions, ambitions, and moral compass. In other words, the movements in the financial market (e.g., investment trends, market fluctuations) can provide valuable insights into the prevailing sentiments, attitudes, and priorities of a given society at any given time. Essentially, understanding the financial marketplace offers us a unique window into the soul of a society, revealing its collective hopes, fears, aspirations, and values.

I think that the failures of Enron and WorldCom and other companies are partially failures of investors to recognize companies that are selling for a thousand times nothing, but chances are they may be worth only that.

- Arthur Levitt

Think, Other, I Think, Chances

Our purpose, as we face these challenges, remains clear - fair and orderly markets that allow for efficient capital formation, while protecting the interests of investors.

- Arthur Levitt

Allow, Capital, Protecting, Orderly

The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.

- Arthur Levitt

Competition, Other, Tension, Between

Although the Internet makes it seem as if you have a direct connection to the securities market, you don't. Lines may clog; systems may break; orders may back-up.

- Arthur Levitt

Break, May, Makes, Direct Connection

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

- Arthur Levitt

Start, Be Careful, Rather, Skeptical

Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.

- Arthur Levitt

Through, Competing, Fulfill, Promises

Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system.

- Arthur Levitt

Challenges, Promoting, Orders

Over the past two decades, we have clearly seen an erosion of ethical values.

- Arthur Levitt

Past, Values, Over, Decades

Our role is to maintain and monitor a framework in which fair competition can flourish.

- Arthur Levitt

Role, Flourish, Which, Monitor

Once again, stock markets have been threatened with extinction for almost 75 years, and I have found that stock markets are harder to kill than roaches.

- Arthur Levitt

Been, Again, Almost, Stock

One way for investors to protect themselves from a rapid change in the price of a stock is to use a limit order rather than a market order.

- Arthur Levitt

Change, Rather, Use, Stock

Firms need to ensure that their ability to provide effective customer service keeps pace with their growth. If you're marketing your firm to new customers, you better be able to provide them service when they do business with you.

- Arthur Levitt

Customer Service, Your, Firm, Customers

It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.

- Arthur Levitt

Development, Facilitate, Structure

Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.

- Arthur Levitt

Business, Innovation, Globalization

Another misconception is that an order is canceled when you hit 'cancel' on your computer. But, the fact is it's canceled only when the market gets the cancellation.

- Arthur Levitt

Fact, Cancel, Another, Cancellation

I think we have got to start thinking about banding together in terms of interested groups.

- Arthur Levitt

Think, I Think, Terms, Groups

What must occur is a greater recognition by investors of their individual responsibility.

- Arthur Levitt

Responsibility, Individual, Occur

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