#361 Estée Lauder

I'm reading this book called Money Masters of Our Time, written by John Train, and there's 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 cost. Buffett knows what most of history's greatest founders knew that watching your cost was the foundation

Listen to what Jeff Bezos 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, fix 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 To repeat this loop. Bezos 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.

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