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Sage advice from Peter Munk

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Sage advice from Peter Munk

Peter Munk is the founder and CEO of Canadian based Barrick Gold Corp. Barrick was built from scratch and is respected as the world’s largest gold producer.

Mr. Munk recently announced his intentions to step down from his leadership position and extended a wide ranging interview “Peter Munk Unplugged” to The Toronto Globe and Mail, which you can find here.

Two quotes stood out in the article, each framing the wisdom this industry giant has accumulated over the years.

In one comment, he said his “first major (business) mistake” was “entirely attributed to hubris”. In his case, Mr. Munk was referring to an ill-fated acquisition made by Barrick. Sometimes we can all hold on to past beliefs to our future detriment.

His most telling remark was about the ups and downs of leadership, saying “… as I keep telling my children, and any business school I am asked to speak to, you don’t go through being a hero year after year without encountering the odd rough days.”

Through this comment, I hear Mr. Monk saying that we should measure ourselves by progress, not perfection. Treating our customers, partners, team members, vendors, and employees with this in mind will surely deliver dividends. 

Happy New Year 2014.

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