At times, a herd mentality seems to take over in business and, right or wrong, companies play follow-the-leader – sometimes right off a cliff. We think real leadership derives from understanding your customers, your com- petition and what really matters about your business. Not from following the latest trend. When acquisitions were popular, we chose organic growth. When cash went out of style, we kept some anyway. Remaining true to this way of doing business means that, at times, Expeditors will seem to be out of step with the prevailing popular wisdom. More often than not, it means we’ll actually be a step ahead. 5 expd 02