If somehow a proclamation were made that C.E.O.'s could only make a maximum of $300,000 a year, you would not have any shortage of very qualified men and women seeking the jobs.

It is improper for one person to take credit when it takes so many people to build a successful organization. When you try to be top dong, you don't create loyalty. It you can't give credit (and take blame), you will drown in you inability to inspire.

When employees are happy, they are your very best ambassadors.

Driving stock up from one day to the next is not what we are about. We are about building a good company and performing for the long term. I know everyone says that, that sounds trite when I repeat it that way, but that is and has always been our attitude about our business. If we do the right things, the stock price will take care of itself, and our shareholders will be rewarded.

There was a proposal in California that would keep out Wal-Mart but allow Costco. You opposed it. Are you nuts? That's true: I always oppose these kinds of things. Competition makes us better. Some of our best stores have a Sam's Club next door.

I say at our management conferences that the amount Wal-Mart grows in just one year is the equivalent of Costco's size.

Our attitude is that if you hire good people and pay them a fair wage, then good things will happen for the company.