Percentage margins are not one of the things we are seeking to optimize. It’s the absolute dollar free cash flow per share that you want to maximize, and if you can do that by lowering margins, we would do that. So if you could take the free cash flow, that’s something that investors can spend. Investors can’t spend percentage margins.

I told all of our original investors that they would lose their money for sure.

Seek instant gratification - or the elusive promise of it - and chances are you'll find a crowd there ahead of you.

All businesses need to be young forever. If your customer base ages with you, you're Woolworth's.

The framework I found which made the decision incredibly easy was what I called — which only a nerd would call — a “regret minimization framework.” So, I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.”

I'm not prepared to make any multi-decade commitments.

Effective process is not bureaucracy. Bureaucracy is senseless process.