There Is No Map, And Charting A

If You Look At Academic Studies, You Can See That Stock Prices Are Most Closely Correlated With Cash Flow. It's Such A Straightforward Number. Cash Flow Is What Will Drive Shareholder Returns.

I Knew That If I Failed I Wouldn't Regret That, But I Knew The One Thing I Might Regret Is Not Trying.

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.

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.”

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