With All Due Respect To

The Internet Doesn't Change Everything. It Doesn't Change Supply And Demand. It Doesn't Magically Allow You To Build Businesses By Turning Investors' Money Into Operating Expenses Indefinitely. The Money Always Runs Out Eventually.. The Internet Doesn't Change That, As We Have Seen.

Pickups, S.u.v.'s, Vans And The Like Represent About 80 Million Vehicles, With Mileage Of Perhaps 13 To 16 Miles Per Gallon. Converting Those Should Be Our First Priority.

Activity Is Not Output.

Bad Companies Are Destroyed By Crisis, Good Companies Survive Them, Great Companies Are Improved By Them.

The Internet Doesn't Change Everything. It Doesn't Change Supply And Demand.