At the turn of the 20th Century, steel magnate Andrew Carnegie controlled among the greatest fortunes in the history of the world. His steel empire accounted for 80% of US steel production and the profits were pouring in. Carnegie ran his business with one simple, overriding philosophy: control costs and profits will take care of themselves.
His logic was that prices and sales are cyclical. They’re subject to multiple market forces all of which are completely outside of his control. You do not require a PhD in Economics to figure out that good economic times means higher sales and better prices, while bad times mean lower sales. Since you can’t control the economy however, Carnegie chose to concentrate on what he could control. Continue Reading