Expense Vigilance in Good Times

“Whenever things go too well, I become very suspicious. This is one of those periods. Keep your guard up! Now is the time to be careful. Now is the time the dopes get knocked off. Remember the rules and remember our culture. When business is good, we become careful with our capital and try to cut expenses.”

“Now that you are all believers, I would like to see some real effort and results in the expense-cutting area. The rest of our industry cuts expenses when business is bad. We try to cut expenses all the time, but particularly when business is great. Would we have thought of this brilliant”