In general, an asset should be sold when it has greater value to a buyer. This happens when a buyer has a complimentary business or capability that would enable them to do more with that business. Many businesses we have exited were not failures, but had simply reached a point in their life cycle where they no longer provided a core capability or served as a platform for growth.

How do we make people's lives better unless we find the truth of what works and what doesn't?

Success is one of the worst enemies of success, because success tends to breed complacency and lack of humility.

But it [crony capitalism] erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want.

I believe that cronyism is nothing more than welfare for the rich and powerful, and should be abolished.

We try to reward people according to the value they create, value they create in society and for the company.

The old idea that some genius pulls all of this stuff out of the air is ridiculous. As Ridley pointed out, the only way Edison could invent the lightbulb is because all the elements had been developed before. That's obvious it wasn't just his genius - 20 others developed it at the same time. And that's true for almost every invention and discovery.