Our experience has been that the manager of an already high-cost operation frequently is uncommonly resourceful in finding new ways to add to overhead while the manager of a tightly-run operation usually continues to find additional methods to curtail costs, even when his costs are already well below those of his competitors.
Warren Buffett – American value investor, Chairman of Berkshire Hathaway (*1930), in his letter to Berkshire Hathaway Shareholders (1978)