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 believe you have to be willing to be misunderstood if you're going to innovate.

Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.

You cannot make a business case that you should be who you are not

If we can keep our competitors focused on us while we stay focused on the customer, ultimately we'll turn out all right.

... if it's not your style to stretch and go the extra mile to make sure our customer experience is great, you're going to have an allergic reaction to this company. You probably won't stay. If you do try and stay, but can't adapt to the culture then it will reject you like a virus from a healthy immune system.

The one thing that offends me the most is when I walk by a bank and see ads trying to convince people to take out second mortgages on their home so they can go on vacation. That's approaching evil.