Above All Else, Align With Customers. Win

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.

If You Only Do Things Where You Know The Answer In Advance, Your Company Goes Away.

There Is No Map, And Charting A Path Ahead Will Not Be Easy. We Will Need To Invent, Which Means We Will Need To Experiment.

Your Brand Is Formed Primarily, Not By What Your Company Says About Itself, But What The Company Does.

If You Have A Business Model That Relies On Customers Being Misinformed, You Better Start Working On Changing Your Business Model.