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Financial engineering cannot substitute for operational excellence. I learned that the hard way.
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Sears had the best brand in American retail. Somewhere along the way, we lost sight of the customer.
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I generated 25% annual returns for a decade. Then I tried to run a retailer. Humility is a lesson, not a choice.
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Concentration works in markets. In retail, it's a different game. Customers don't care about your portfolio theory.
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I was kidnapped and held for two days. I talked my way out. That's the one negotiation I'll never forget.