I generally disagree with most of the very high margin opportunities. Why? Because it's a business strategy tradeoff: the lower the margin you take, the faster you grow.
Sentiment: NEGATIVE
Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.
We always look at opportunities. We are not aggressively looking to buy something.
In the larger companies, you have this tendency to get top-down direction.
There must be an opportunity that matches with our strategy. Just because we have a gap, we don't want to go and acquire anything and everything. What we acquire should fit in with our strategy, human resources and market expectations.
There are obviously peaks and valleys in everyone's career. This business can be a roller-coaster ride, and it's really hard to stay on top all the time. Very few people do.
If the goal is to build companies that maximize long-term equity value, then optimizing corporate performance in a way that Wall Street appreciates is obviously critical to that goal.
When e-commerce companies build scale, cost comes down. Companies that can handle scale and reduce costs over time will win. Margins will come from reducing costs over time and not by increasing prices. Technology is the answer at large scale.
Marketing executives like big budgets, as big budgets make it easier to grow the top line.
There exist limitless opportunities in every industry. Where there is an open mind, there will always be a frontier.
As the economy improves, there aren't as many opportunities.
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