Focus on cost improvement makes it possible for us to afford lower prices, which drives growth. Growth spreads fixed costs across more sales, reducing cost per unit, which makes possible more price reductions. Customers like this, and it's good for shareholders. Please expect us to repeat this loop.

Real estate is the key cost of physical retailers. That's why there's the old saw: location, location, location.

The balance of power is shifting toward consumers and away from companies. The right way to respond to this if you are a company is toput the vast majority of your energy, attention and dollars into building a great product or service and put a smaller amount into shoutingabout it, marketing it.

Startups are the engines of exponential growth, manifesting the power of innovation. Several big companies today are startups of yesterday. They were born with a spirit of enterprise and adventure kept alive due to hardwork and perseverance and today have become shining beacons of innovation.

It's always worth asking, do we own the process or does the process own us? In a Day 2 company, you might find it's the second.

The Post is famous for its investigative journalism. It pours energy and investment and sweat and dollars into uncovering important stories. And then a bunch of websites summarize that [work] in about four minutes and readers can access that news for free. One question is, how do you make a living in that kind of environment? If you can't, it's difficult to put the right resources behind it. ... Even behind a paywall, websites can summarize your work and make it available for free. From a reader point of view, the reader has to ask, 'Why should I pay you for all that journalistic effort when I can get it for free from another site?'