Steve Wynn Quotes

A company is only as solvent as the perception of its solvency.

Edelman maintains a very conservative balance sheet. We do small acquisitions. This helps me sleep well at night.

I certainly think you could look at the business side of how WWE was run, which was as a conservative company with little debt and strong cash balance.

I worked for twenty-some years with no capital, so I never had any liquidity. Managing my loans alone wouldn't do it, and working hard twenty-four hours a day seven days a week alone wouldn't do it. You have to be properly capitalized.

We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.

Banking gives you a glimpse into what makes companies succeed and what makes companies fail.

The most important word in the world of money is cash flow. The second most important word is leverage.

I can tell you that when you're counting every penny, knowing that you are a single bad decision away from bankruptcy, you inevitably lose focus on what really matters for your business.

You cannot establish sound security on borrowed money.

Not so long ago, companies that borrowed lots of money were considered risky, appropriate only for daredevil stock pickers. Those with lots of cash on hand and few outstanding debts might be dull stocks, but they were at least safe bets for bondholders.

American capitalists, enthralled by the doctrines of finance, have put their income statements in service of the balance sheet.

Most companies can survive even if their debt ratings are lowered below investment grade, although they will have higher borrowing costs.

You can make great money in a utility type of business by borrowing cheaply and lending sensibly but that's not what's being done.

Banking should be boring..

If the cash runs out, it's like a heart attack for you and your business. Keep that front and centre of your mind, and you will have financial security and not be struggling to pay the bills.

The cost of money rises dramatically if you can't afford to keep it in a bank.

If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times, because it doesn't make any sense for me to keep any assets and then suffocate the whole organization.

Cash in must exceed cash out.

You do not want to get your debt ratio out of whack.

Liquidity is a good proxy for relative net worth. You can't lie about cash, stocks, and bond values.

I've made a payroll. I know what it's like to execute a business plan. I know what it's like to expect the proper return on investment... and I know you can't spend your way out of debt.

We need to be focused in corporate America on the long term.

Capital structure isn't an eyeshade economic thing: It's about your ability to protect your workforce and your service levels.

Liquidity is oxygen for a financial system.

The best companies with the strongest credit ratings borrow like the United States: on a non-prioritized basis. This means that in the event of a default, all of their debts are of equal priority because lenders and creditors believe default is highly unlikely. And they spend considerable effort maintaining this status.