You have to worry about where the business is headed long-term.

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

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.

We've always been in favor of improved wages for workers. When you have a strong middle class, they want to buy more stuff at Costco.

Obscene salaries send the wrong message through a company.

You just can't get too focused on worrying about what's going to happen in the next quarter. You have to worry about where the business is headed long-term.

You take an educated gamble. If you don't occasionally make a mistake, you're not doing your job.