Costco Wholesale Corporation

Why Berkshire paid too much for Kraft

“Amazon itself has become a brand. Kirkland of Costco, the $39 billion brand...Kirkland Act operates through 775 or so stores, they call them, warehouses at Costco”

Why Berkshire paid too much for Kraft

“Amazon and Walmart and their reaction to it, and Costco, and Aldi and some others”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Costco, you know, buys a lot of produce now. For vegetables growing in hot houses.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Costco just sweats blood to avoid. Now everyone wants to know a few cases of some”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What he liked about Costco, he thought it was such an honorable way to make money.”

Morning Session - 2024 Meeting

“Costco was the other, and we bought a certain amount of Costco...he was right big time in both companies”

Charlie Munger's final CNBC interview | November 14, 2023

“What other investments have been some of your favorites? I'm thinking of maybe a BYD or a Costco.”

Learning from Warren Buffett & Charlie Munger w/ Chris Davis

“We bought 17 million shares of Costco in a single day when the stock closed at 42 and opened at 26”

Learning from Warren Buffett & Charlie Munger w/ Chris Davis

“We bought 17 million shares of Costco in a single day when the stock closed at 42 and opened at 26”

Learning from Warren Buffett & Charlie Munger w/ Chris Davis

“We bought 17 million shares of Costco in a single day when the stock closed at 42 and opened at 26 because they missed a quarter”

RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran

“ultimately led to how Costco runs their business, but it's taking care of your employees. It's taking care of your customers.”

RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran

“how Costco runs their business, but it's taking care of your employees. It's taking care of your customers. It's taking care of your community”

RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran

“our conversation, and we will ultimately led to how Costco runs their business, but it's taking care of your employees”

Daily Journal Annual Meeting 2023 — Munger Q&A

“you love Costco... it's a perfect damn company. And it has a marvelous future... I love everything about Costco. I'm a total addict. Never going to sell their share.”

Daily Journal Annual Meeting 2023 — Munger Q&A

“Other places like Costco, I would say the compensation system is damn near perfect.”

Daily Journal Annual Meeting 2023 — Munger Q&A

“Jim Sinegal at Costco was about as well adapted for the executive where he got -- and by the way, he didn't go to [Horton] and he didn't go to the Harvard Business School.”

Daily Journal Annual Meeting 2023 — Munger Q&A

“Is that the favorite stock you ever purchased? BYD or Costco?”

Daily Journal Annual Meeting 2022 — Munger Q&A

“The Mungers have Berkshire stock, Costco stock, Chinese stocks through Li Lu, a little bit of Daily Journal stock”

Daily Journal Annual Meeting 2022 — Munger Q&A

“I would buy Costco at the current price. I think it's that strong and enterprise and that admirable place... Costco is going to be an absolute titan on the internet”

Daily Journal Annual Meeting 2022 — Munger Q&A

“The director's table at Costco cost about three hundred dollars. They're different places, different ethos.”

Munger: We don't have to agree on "every damn little thing we do"

“it looks like Charlie and Warren have some different opinions recently, like Costco and Wells Fargo... Costco is a company I very much admire”

Buffett admits selling some Apple shares was "probably a mistake"

“I kind of used them up between Costco's Apple.”

"People on the extremes of both sides are a little nuts"

“no problem owning Costco or Walmart, you know, and a substantial number of their stores”

2021 Annual Meeting Highlight Reel

“we have no problem owning Costco or Walmart, you know, and a substantial number of their stores”

Part 1 - 2021 Meeting

“we've talked about this before. We have no problem owning Costco or Walmart, you know, and a substantial number of their stores.”

Part 1 - 2021 Meeting

“I kind of used them up between Costco's Apple.”

TIP346: Masterclass in Valuation w/ Chris Bloomstran

“Why Costco wins by reducing scarcity and leveraging scale”

Daily Journal Annual Meeting 2021 — Munger Q&A

“Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying?”

Daily Journal Annual Meeting 2021 — Munger Q&A

“Costco I do think has one thing that Amazon does not. People really trust Costco will be delivering enormous value.”

Daily Journal Annual Meeting 2021 — Munger Q&A

“part of the success of a company like Costco. It's been amazing that one little company starting up not that many decades ago could become as big as”

Daily Journal Annual Meeting 2021 — Munger Q&A

“Costco did as fast as Costco did. Part of the reason for that was cultural. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor.”

Daily Journal Annual Meeting 2021 — Munger Q&A

“Costco I do think has one thing that Amazon does not. People really trust Costco will be delivering enormous value.”

Daily Journal Annual Meeting 2021 — Munger Q&A

“the success of a company like Costco. It's been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did.”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“you take Costco with their own Kirkland label. I mean, that, that label grows dramatically”

Daily Journal Annual Meeting 2020 — Munger Q&A

“When it comes to customers, my ambition is to be as close to Costco as I can possibly be. I've never been associated with a company that works harder than Costco to make sure the customers are served ”

Morning Session - 2019 Meeting

“Kirkland of Costco, the $39 billion brand... Kirkland does more business than Coca-Cola does. And Kirkland operates through 775 or so stores, they call them warehouses at Costco”

Morning Session - 2019 Meeting

“Costco tried to drop Coca-Cola back in, I think, 2008.”

Buffett: "I was wrong" on Kraft Heinz | February 25, 2019

“when you're going toe-to-to-toe with a Walmart or a Costco or maybe an Amazon pretty soon”

Buffett: "I was wrong" on Kraft Heinz | February 25, 2019

“private label brand that Costco puts out”

Buffett: "I was wrong" on Kraft Heinz | February 25, 2019

“Costco dropped Coca-Cola some years ago. They brought them back.”

Daily Journal Annual Meeting 2019 — Munger Q&A

“my Costco stock, and of course I'm outperforming everybody. (laughter) And I'm ninety-five years old.”

Daily Journal Annual Meeting 2019 — Munger Q&A

“you've praised the significance of cultures at firms like Glenair, Kiewit, and Costco”

Daily Journal Annual Meeting 2019 — Munger Q&A

“My Costco I bought… I mean I've been a good picker... watching Costco march ahead. Such an utter meritocracy”

Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019

“he's on the board at Costco.”

Criticizing the cryptocurrency craze | May 7, 2018

“I think a few years ago, I think Costco dropped Coca-Cola. And that's a real test if you want to.”

Criticizing the cryptocurrency craze | May 7, 2018

“Costco has a moat in people's mind. I mean, Amazon can raise the price of prime, you know, 20%. And you can't do that unless you've built something”

Criticizing the cryptocurrency craze | May 7, 2018

“I wanted at Berkshire to buy the French steak in Costco when the French left.”

Afternoon Session - 2018 Meeting

“when Costco was selling at about 12 or 13 times earnings, I thought that was a ridiculously low value. just because the competitive strength of the business was so great”

Afternoon Session - 2018 Meeting

“American Express made a decision a few years ago, not to bid as low as somebody else did, to retain the Costco business.”

Afternoon Session - 2018 Meeting

“Charlie's done it with Costco...Costco has an enormous appeal to its constituency. You know, they delight, they surprise and delight their customers”

Afternoon Session - 2018 Meeting

“Costco, except for something like the Daily Journal where I own part of it, Costco's the only public board.”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“I mean, I admire enormously Walmart and Costco. They sell cigarettes, do I think cigarettes are good.”

Daily Journal Annual Meeting 2018 — Munger Q&A

“Costco I know a lot about because I've been a director for about 20 years and I think Costco will continue to flourish”

Daily Journal Annual Meeting 2018 — Munger Q&A

“I love a business like Costco because of the strong culture and how much can be achieved if the culture is right.”

"I was wrong" on IBM | August 30, 2017

“you get particularly strong retailers, a Walmart, a Costco, and now on Amazon, and they keep getting stronger”

Buying Apple, selling IBM, missing Google | May 8, 2017

“American Express lost a Costco account, so you're not comparing apples to apples there.”

Daily Journal Annual Meeting 2017 — Munger Q&A

“we have a block of Berkshire, we have a block of Costco...What are the chances that Costco's going to fail?”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“Costco was a very, very, very valuable co-brand to have for American Express. But that value wasn't limitless.”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“He probably saw them all and buy Costco. Did you talk to Charlie before you bought IBM?”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“we talked about American Express and Costco, and Warren defended American Express's decision not to go ahead with Costco”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“I think Costco is so powerful that being the only credit card provider in Costco is so valuable that they should have thrown away their rulebook.”

Afternoon Session - 2016 Meeting

“In the total picture outside of Berkshire, I've got some Costco stock.”

Afternoon Session - 2016 Meeting

“The director of Costco, Berkshire's got some Costco stuff. There are two or three little overlaps”

"America's never been greater" | February 29, 2016

“The Costco breakup of the Costco arrangement was a big deal. But the proprietary cards stay as strong as ever”

Afternoon Session - 2015 Meeting

“when Costco ended a 16-year relationship with the firm, a move that affects one in 10, American Express cards in circulation”

Fifty years of Buffett's Berkshire | March 2, 2015

“Costco and American Express, who have been linked up for well over 10 years, you know, each, in terms of negotiating an extension”

Fifty years of Buffett's Berkshire | March 2, 2015

“the Costco relationship, obviously you knew it was an exclusive. Anybody shopped at Costco could not use another credit card.”

Fifty years of Buffett's Berkshire | March 2, 2015

“Costco, which as you know last week or two weeks ago, announced that it was going to be ending its relationship with American Express”

Daily Journal Annual Meeting 2015 — Munger Q&A

“it lost its contract with Costco. Again, that's an example of what tough capitalism is.”

We'll never want to "go to war" with Coca-Cola | May 5, 2014

“Charlie, you're still on the board of directors at Costco. Yes, but I'm not running it.”

Afternoon Session - 2014 Meeting

“Costco is unbelievable. And it reminds me very much of GEICO. And I'm not surprised that both companies keep taking share.”

Daily Journal Annual Meeting 2014 — Munger Q&A

“is in Berkshire Hathaway, Costco (ticker: COST), and an Asian fund.”

Daily Journal Annual Meeting 2014 — Munger Q&A

“Take Costco [ticker: COST]. Is Costco worth 25 times earnings? I think: Yes... I'd certainly rather buy Costco at 25X earnings than 90% of the other stocks.”

Daily Journal Annual Meeting 2014 — Munger Q&A

“You think Costco's any good for the rest of the grocery stores?”

Daily Journal Annual Meeting 2013 — Munger Q&A

“What do the Munger's own? They own Berkshire, they own Costco, and they own a bunch of Asian securities”

Daily Journal Annual Meeting 2013 — Munger Q&A

“I think Costco is one of the winners. I'll give you an example. I just got a new tube of toothpaste... bought it for me at Costco.”

Daily Journal Annual Meeting 2013 — Munger Q&A

“Costco got one of the major toothpaste manufacturers of the world to make their toothpaste in Costco's tube at a very low price.”

Afternoon Session - 2011 Meeting

“that's because I really admire Costco. And And that's one of the pleasures of my life”

Afternoon Session - 2011 Meeting

“Costco, of course, is a business that became the best in the world in its category, and it did it with an extreme meritocracy and an extreme ethical duty”

Afternoon Session - 2011 Meeting

“I would like to give once more my speech on the virtues of Costco with illustrations.”

Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)

“Costco at 25x earnings is one of the most admirable capitalistic institutions in the world. It is a total meritocracy. They pass on savings to their customers as if it were a moral duty.”

Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)

“His only other directorship position is on the board of Costco. He would argue that Costco is one of the most admirable firms in the world and that CEO Jim Sinegal is one of the top executives in the ”

Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks

“Costco is too, plus they have Gil Glazer morality; he wouldn't want to compete with Costco.”

Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks

“I like no-brainers like Costco and BYD better, but you don't find very many.”

Afternoon Session - 2008 Meeting

“Costco paid a very small – did they pay any dividends for a while, Charlie? And they, while they were growing very rapidly, they paid no dividend”

Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)

“Net inflation at Costco was zero for ten years. Even Costco is starting to feel it.”

Afternoon Session - 2007 Meeting

“During this exact period of maximum dollar decline in value versus other currencies, the dollar prices at Costco have showed an inflation factor of approximately zero.”

2007 Berkshire Hathaway Shareholder Letter

“a formidable barrier such as a company's being the low-cost producer (GEICO, Costco) or possessing a powerful world-wide brand”

Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“the prices at Costco [Munger's on the board] have shown no inflation for many, many, many years”

Afternoon Session - 2006 Meeting

“I see it at Costco, where there's been almost no inflation in the composite product that flows through Costco”

Afternoon Session - 2006 Meeting

“If you look at the Costco annual report, the Walmart annual report, these are huge enterprises. And you'll see their LIFO adjustment is just peanuts.”

Afternoon Session - 2006 Meeting

“because of the strengths of the Walmarts and the Costco's and you name it around the world”

Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“At Costco, we added Bill Gates Sr. [actually, Bill Gates's father is Jr. and Bill Gates”

Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“I'm a director of Costco. Do we really want our entrepreneurs not to try very hard?”

Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“I'm a director of Costco. Do we really want our entrepreneurs not to try very hard?”

Poor Charlie's Almanack

“specialization, as he likes to point out regarding Costco's discount warehouses”

Poor Charlie's Almanack

“For example, at Costco we issued stock options with strike prices of $30 and $60, and Black-Scholes value the $60 ones higher.”

Poor Charlie's Almanack

“he enjoyed shopping at Costco; and despite our being interrupted continuously by the other 500-plus people dining there that day, who all felt compelled to say hello to Charlie”

Poor Charlie's Almanack

“His insight, questioning, and support have made Costco a better-governed and better-operated company.”

Poor Charlie's Almanack

“You just wouldn't believe how efficient and sophisticated Costco's warehouse Operation is.”

Poor Charlie's Almanack

“Later, Les Schwab rose in competition with the huge price discounters like Costco and Sam's Club”

Poor Charlie's Almanack

“Extreme maximization or minimization of one or two variables. Example, Costco or our furniture and appliance store.”

Afternoon Session - 2004 Meeting

“Charlie is a director of Costco, and Costco and Walmart figured out ways to do things at lesser costs”

Afternoon Session - 2004 Meeting

“at Walmart or Charlie's involved in Costco. They're going to be rational because you had very rational people running them.”

Afternoon Session - 2004 Meeting

“My idea of a good place to shop is Costco. Costco has these heavily marbled filet steaks in the finest grade”

Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“someone who rose through the ranks at Costco, and so forth?”

UCSB Speech: Academic Economics — Strengths and Faults (2003)

“Later, Les Schwab rose in competition with the huge price discounters like Costco and Sam's Club”

Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“Costco and Wal-Mart are two of the most admirable retailing operations in the history of the world.”

How to know when you're in your "circle of competence"

“you understand Walmart. You can understand Costco. And if you get to something”

Afternoon Session - 2002 Meeting

“You can understand Costco. And if you get to something that your friend is buying”

Afternoon Session - 2001 Meeting

“people trust Costco or Walmart more than they, or as much as they trust the brand”

Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“I'm a director of Costco. It's easy to understand... Costco has the right culture. They promote from within. It's a wonderful place to work.”

Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“I think that Costco is a better operator in the warehouse club format than Sam's. Both companies will do well in the future, but I predict that Costco will do better.”

Morning Session - 2000 Meeting

“They made a deal to put American Express cards into Costco. Charlie is a director of Costco, so he's a, Costco is an absolutely fabulous organization.”

Afternoon Session - 1997 Meeting

“It's not hard to understand Costco either, you know.”

Morning Session - 1997 Meeting

“Charlie's a director of the, of the sensational, of where house chain called Costco, which used to be called Price Costco.”

Morning Session - 1997 Meeting

“sharing with the kind of people who are doing the important work pretty well down in the organization at a place like Costco or Coca-Cola or any other”