Warren Buffett at the 2016 Berkshire Hathaway Annual Meeting:

It is true that in the packaged goods industry, volume trends for everybody—whether they’re fat or lean in their operation—volume trends are not good. And the test will be over time—you know, three, five years—are the operations which have had their costs cut, do they do poor, in terms of volume, than the ones, that in my judgment, look very fat?

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