Ah ha...
 

Here's is the meat of what he said...

> If you understand the meaning of the return
> rate associated with the products you ship
> in response to your advertising and know
> what an average return rate (neither too
> high or too low) means that you can get the
> greatest response and still satisfy the
> largest segment of your customers, you'll
> hold the secret to maximizing your profits.

In other words... each product you ship could have different return rates associated with it.

This is the "after meat treat"...

> And if you realize that a returned package
> from a dissatisfied customer is not a
> problem but an opportunity, then you've got
> one of the real secrets of growing a mail
> order business"

And this explains a lot too...

> Yes, Joe was applying his 10% return rate to
> consumer electronics plus he was building a
> list...customers were sent a catalog of
> other products.

What a difference it makes when clarifying elements are mentioned. Why he said what he said.

Thanks for posting it, Mike.

Michael Ross