I'm reading this book called Money Masters of Our Time written by John Train and there is a chapter on Warren Buffett in here and in the chapter on Warren Buffett there's an incredible quote from Warren Buffett where he says that a good manager must be a demon on costs. Buffett knows what most of history's greatest founders knew that watching your costs was the

foundation on which other competitive advantages can be built.

Listen to what Jeff Basels wrote about this in his shareholder letters. Jeff wrote,

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.

Bézos brings up the importance of controlling your spending,

watching your costs again in another shareholder letter.

He says we will work hard to spend wisely and maintain our lean culture.

We understand the importance of continually reinforcing a cost conscious culture.

What other trade do history's greatest founders have in common?

They all studied the great founders that came before them.

Jeff Bezos is on record over and over again, talking about the influence that Sam Walton had on

hit the way he built Amazon. Sam Walton said in his autobiography you can make a lot of

different mistakes and still recover if you run an efficient operation or you can be brilliant and still go out of

go out of business if you're too inefficient.

The way to think about this is that most success comes to efficiency

and most failures are due to waste.

Here we go back to Buffett.

The really good manager doesn't wake up in the morning and say,

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