would have done twice as well as a great company like IBM. With the guiding principle that of serving the shareholders' interests as we have defined them here, we set about to transform the nature of our company. It was not a flawless performance for buried among the successes are some mistakes of no small magnitude. You can't win them all if you are going to take the kinds of calculated risks that are necessary to build a growing and dynamic company. Nor is there room in Utah's top management for those who never make mistakes, for this fact itself would be evidence of a lack of entrepreneur-ship that we look for in our top management people. We have a low tolerance for those who make too many mistakes and no tolerance for those who cannot recognize when they've made a mistake or who attempt to conceal their mistakes. However, perfect performance is the exclusive province of those at lower levels. The first step in improving your corporate performance is a genuine dissatisfaction with what you are doing and the way you are doing it and a willingness to seek out new and better opportunities. There are two broad ways to increase your earnings. One is to cut expenses and, while I do not condone waste, I suggest to you that this is the harder and less effective way unless you have been operating with unbelievable inefficiency. The second and better way is to create new profit opportunities and to add these to your enterprise as fast as your financing will support them and your management talent can take care of them. The process itself is simple to describe. You identify the new areas of particular promise for rapid and growing profits, you prepare the plan for taking advantage of these opportunities, and then you execute the plan. - 8-