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MARCEL-HERRMANN-TELLES

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Cost is the only variable you can actually control. Revenue depends on the market. Cost depends on you.

Zero-based budgeting is not about cutting costs. It is about understanding every single dollar you spend and making sure it earns its place.

The best companies are run by owners, not by managers. When people own equity, they think differently about every decision.

We do not buy companies to collect them. We buy them to make them the best-run companies in their industry.

Meritocracy is not comfortable. The best people thrive and the rest move on. That is how you build a great organization.