In 1981, he made a speech in New York City called "Growing fast in a slow-growth economy".[13] Under Welch's leadership, GE increased market value from $12 billion in 1981 to $280 billion, making 600 acquisitions while shifting into emerging markets. Welch pioneered a policy of informality at the work place, allowing all employees to have a small business experience at a large corporation.[9] Welch worked to eradicate perceived inefficiency by trimming inventories and dismantling the bureaucracy that had almost led him to leave GE in the past. He closed factories, reduced pay rolls and cut lackluster units.[14] Welch's public philosophy was that a company should be either No. 1 or No. 2 in a particular industry, or else leave it completely.