He explained his reasoning with boots.
“A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. .But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that d still be keeping his feet dry in ten years time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.”