I Don't Buy Stocks, I Make Stocks.

I Think Technology Advanced Faster Than Anticipated. In That Whirlwind, A Lot Of Companies Didn't Survive. The Reason We Have Done Well Is Because, Even In That Whirlwind, We Kept Heads-down Focused On The Customers. All The Metrics That We Can Track About Customers Have Improved Every Year.

I'm Going To Go Do This Crazy Thing. I'm Going To Start This Company Selling Books Online.

The Common Question That Gets Asked In Business Is, Why? That’s A Good Question, But An Equally Valid Question Is, Why Not?

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.

We Can't Be In Survival Mode. We Have To Be In Growth Mode.