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Continental Airlines was bankrupt, broken, and everyone said it was hopeless. We bought it for $66 million. It became the most profitable airline in America.
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We have done 450 carve-outs. The pattern is always the same: the parent company underinvested, the employees are demoralized, and the product is actually good. Fix the first two and the third takes care of itself.
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We are in the business of trying to buy businesses at a good price. And then we are in the business of trying to improve them, sometimes even transform them operationally.