A Quote by Ted Waitt
When you fall short of your internal forecast, two things happen: Costs go up as a percentage of sales, and margins go down.
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Because what happens is, as the economy suffers, tax revenues go down. But unlike businesses, where at least your variable costs go down, in government your variable costs go up: unemployment insurance, workmen's compensation, health care benefits, welfare, you name it.
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.
Everyone goes down a road that they're not supposed to go down. You can do two things from it. You can keep going down that road and go to a dark place. Or you can turn and go up the hill and go to the top - try to go to the top.
You ever notice how long it takes for things to happen when you know they're supposed to happen? My fake Walkman has a built-in alarm, and I set it for two in the morning and wear the headphones to bed, but before you can wake up you have to fall asleep, and I never DO fall asleep because I keep waiting for the alarm to go off.
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.
When war comes, two things happen - profits go way, way up and all perishables go way, way down. There becomes a market for them.
We have never considered any costs as fixed. Therefore we first reduce the price to a point where we believe more sales will result. Then we go ahead and try to make the price. We do not bother about the costs. The new price forces the cost down.
You want to know the truth about drugs? You can only go one or two ways. You can go up, or you can go down. That's it. After a certain point, though, no matter what you do, what you take, you don't go anywhere, and that's when you've got to sit down and face yourself.
There's things I'd like to do, but I've found that pretty much anything that I try to will to happen doesn't happen, but if you just kind of let go and let things fall into place, somehow I end up being able to do the right thing or the right time.
Don't let your cool stand in the way of being soulful. Life is too short. Too short to hate. Too short to judge. Too short not to live for. Don't let anything or anyone get the best of you or your heart and mind. If you are going down... go down swinging, singing, and loving.
If you go out there and start making noise and making sales - people will find you. Sales cure all. You can talk about how great your business plan is and how well you are going to do. You can make up your own opinions, but you cannot make up your own facts. Sales cure all.
For West is where we all plan to go some day. It is where you go when the land gives out and the old-field pines encroach. It is where you go when you get the letter saying: Flee, all is discovered. It is where you go when you look down at the blade in your hand and the blood on it. It is where you go when you are told that you are a bubble on the tide of empire. It is where you go when you hear that thar's gold in them-thar hills. It is where you go to grow up with the country. It is where you go to spend your old age. Or it is just where you go.
When you look at the number of stupid people who have succeeded in business, you clearly don't have to be very bright. Business is all about getting your sales up and your costs down, the bit in the middle is profit.
A lot of times, the internal R&D doesn't pan out. You go down one route, you find that it doesn't work the way you planned, and you have to switch and go down another one.
In life, the first thing you must do is decide what you really want. Weigh the costs and the results. Are the results worthy of the costs? Then make up your mind completely and go after your goal with all your might.
In life, the first thing you must do is decide what you really want. Weigh the costs and the results. Are the results worthy of the costs? Then make up your mind completely and go after your goal with all your might
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