See's Candies

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“The Seas candy, they make the good candy they work out. We've got lots of places like that.”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“he'd sit there eating Xyz candy, which I It seemed to me almost like sacrament, you know, the way he was eating the Sees candy, because Sees obviously was a really important investment”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“the crumbs of this Sees candy just sort of spilling out on his jacket and his shirt, and then he's sharing the Sees candy with these disciples”

Warren Buffett I HBO Documentary

“We have a company called Seas Candy out in the West Coast Seas Candy, it's Box Chocolates. If you give a box of Seas Chocolates...we own you”

Afternoon Session - 2023 Meeting

“Could you please give us an update on Seas performance and when you project it will run out of places to open stores”

Afternoon Session - 2023 Meeting

“seas is a, 101 years now, it has magic, and it has limited magic, and sort of the adjacent west”

Morning Session - 2022 Meeting

“We brought in 11 tons of C's candy. And if we don't sell out, Charlie and I get the rest”

2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A

“Easter candy is kind of specialized, too. So we won't sell it. And we produced a good bit of it. We couldn't ship it.”

2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A

“the sea's never sees never required capital didn't grow but it's but it's it's it just doesn't it didn't take money to expand it and it's delivered enormous sums to us”

Morning Session - 2018 Meeting

“are you still involved in pricing decisions at Seas, Candies, and the Buffalo News?”

Pilot Flying J acquisition | October 3, 2017

“What about Seas Candies? You like Seas Candies?”

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

“Furniture Mart, at Seas Candy, at Dairy Queen? How does that kind of play out?”

Morning Session - 2017 Meeting

“it was kind of a watershed event, which was a relatively small company, Seas Candy.”

Morning Session - 2017 Meeting

“we've taken out of it... $2 billion or something like that pre-tax... we made a judgment about Seas Candy that it would be special”

Morning Session - 2017 Meeting

“when we looked at Seas Candy in 1972, was would people still want to be both eating and giving away that candy... we bought a business that would pay $25 million for it”

Charles Munger Interview: The Power of Partnership with Warren Buffett

“and in seas we bought a really good company in this field it was the best in its part of california”

Carol Loomis Interview: Warren Buffett's Principles and Ethics

“seas is a company that has thrown off money...meanwhile was a wonderful company uh people love it i have some in the kitchen”

Morning Session - 2016 Meeting

“And Seas Candy was a good example of that. I'd use that. Back when the newspaper business was good”

What businesses do best in times of high inflation?

“a brand is a wonderful thing to own during inflation. You know, Seas Candy built their brand many years ago.”

Afternoon Session - 2015 Meeting

“seize candy, built their brand, many years ago. Now, we've had to nourish it as we've gone along, but the value of that brand increases during inflation”

Morning Session - 2014 Meeting

“move businesses from C's candy that generate surplus capital to other areas”

Afternoon Session - 2013 Meeting

“We did that with Seas Candy, and Charlie was the one that said, for God's sakes, write the check.”

Daily Journal Annual Meeting 2013 — Munger Q&A

“When we bought See's Candy, we knew it was a marvelous business -- well run and made a nice candy”

Morning Session - 2012 Meeting

“Seas Candy has placed on all of the seats a little packet. And what we'd like you to do, we're going to like, we'd like to videotape everyone eating”

Morning Session - 2012 Meeting

“like C's Kennedy, it's just nonsense. But, but it works for the people to sell businesses”

Morning Session - 2012 Meeting

“trading away part of Seas Candy or GEICO or ISCAR or BNSF, the idea of leaving you with a lower percentage interest”

Morning Session - 2011 Meeting

“the ideal business, seize candy is doing, it was doing $25 million of volume when we bought it.”

Afternoon Session - 2011 Meeting

“when Seas bought almonds or milk or anything like that, we didn't get into the church”

Afternoon Session - 2011 Meeting

“They, you know, seize candy, a wonderful business, loses money roughly eight months of the year.”

Morning Session - 2010 Meeting

“If you take Seas Candy, you know, it has 40 million or so of required capital in the business, and, you know, it earns something well above that.”

Morning Session - 2010 Meeting

“if you run C's candy, to put a cost of capital factoring or something like that with the consultant”

Afternoon Session - 2009 Meeting

“if a Seas Candy is a wonderful business, which it is, but it generates a lot of capital that can't be used effectively in that business”

Afternoon Session - 2008 Meeting

“take Seas Candy, which we own. Seas Candy has paid everything virtually out to us that they've earned because they do not have the ability”

Morning Session - 2008 Meeting

“your secret must be the Cherry Coke and the Seas Candy by evidence of what you're doing on the screen”

What's the right margin of safety?

“if we buy something like Seas Candy as a business or Coca-Cola as a stock, we don't think we need a huge margin of safety”

2007 Berkshire Hathaway Shareholder Letter

“We bought See's for $25 million when its sales were $30 million and pre-tax earnings were less than $5 million.”

2007 Berkshire Hathaway Shareholder Letter

“That gain gave us a good, but far from See's-like, return on our incremental investment of $509 million.”

Morning Session - 2006 Meeting

“In 1972, early in 72, Charlie and I went to seize candy, which had been in the hands of the Seas family for many decades. And we bought it.”

Morning Session - 2005 Meeting

“it might very well have a severe effect on Seas Candy.”

Morning Session - 2005 Meeting

“we will be selling Seas Candy for double at the present price. We'll be getting the same. getting the same real price for C's candy.”

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

“We wrote a one-page deal with Chuck Huggins when we bought See's and it's never been touched.”

Poor Charlie's Almanack

“If See's Candy, when we were buying it had asked for hundred thousand dollars more Buffett chimed in, 10000 dollars more Warren and I would have walked”

Poor Charlie's Almanack

“After nearly making a terrible mistake not buying See's, we've made similar mistakes many times.”

Morning Session - 2004 Meeting

“I used Seas Candy in the annual report as an example of the kind of business that more or less can handle an inflationary world and maintain investment in value”

Morning Session - 2004 Meeting

“We have an arrangement at Seas Candy with Chuck Huggins. We worked it out in 1972. It's still in force now”

Afternoon Session - 2004 Meeting

“Take a subsidiary of ours like Seas Candy. We would love to expand Seas Candy to double or triple its present size”

Fretting is "the enemy of long-term performance"

“We bought Seas Candy in 1972. We haven't had a coat on it since.”

Internet stocks were "a huge trap for the public"

“Seas Candies, Internet business is up 40% this year. Last year was up a much larger percent”

Morning Session - 2001 Meeting

“it happens to be in Coca-Cola, it happens to be in Seas Candy, but it's in practically everything”

Afternoon Session - 2000 Meeting

“C's has standards. It just has its own personality, but maintaining standards is a huge part of it.”

Morning Session - 2000 Meeting

“Seas Candy has a wonderful moat around its castle. And Chuck Huggins has taken that moat, which he took charge of in 1972, and he has widened that moat every year.”

Afternoon Session - 2000 Meeting

“growth opportunities that may have a smaller effect on companies such as Seas Candy or Nebraska Furniture March”

Afternoon Session - 2000 Meeting

“With Seas Candy, you know, this incredible penetration in the West and particularly in California. We know it's the best candy.”

Morning Session - 1999 Meeting

“in the end, if we're right about a business over a 10 or 20-year period, just take seize candy. We bought it in 1972.”

Afternoon Session - 1999 Meeting

“fantastic companies as the Nebraska Furniture Mart or seized candies or any of the other fantastic businesses”

Warren Buffett | Nightline Interview | 1999

“we own Seas Candy, for example. I haven't had a quote on Seas Candy since we bought it in 1972, but I know the business is doing okay.”

Afternoon Session - 1998 Meeting

“It's not very hard for us to decide to open a new C's store in a new shopping center in California that's obviously”

Afternoon Session - 1997 Meeting

“When we bought Seas Candy in 1972, we had to come to the judgment as to whether we could figure out the competitive forces”

Afternoon Session - 1997 Meeting

“we're in certain businesses, for example, C's Candy being one. We don't have a way to intelligently use all of the money that Cs generates”

Afternoon Session - 1997 Meeting

“I think the Seas Candy example has an interesting teaching lesson for all of us...it was a very hard jump for us who had been used to buying dollar bills for 50 cents”

When to invest in a great company

“we found Seas Candy in 1972, where we find here and there we get the opportunity”

Morning Session - 1996 Meeting

“We're selling 1% of your ownership in C's candy.”

Morning Session - 1996 Meeting

“when we bought Seas Candy for an effective $25 million in 1972, it was earning $4 million pre-tax”

1996 Berkshire Hathaway Shareholder Letter

“Today, See's is different in many ways from what it was in 1972 when we bought it: It offers a different assortment of candy, employs different machinery and sells through different distribution chann”

1991 Berkshire Hathaway Shareholder Letter

“Charlie and I have many reasons to be thankful for our association with Chuck and See's. The obvious ones are that we've earned exceptional returns”

1989 Berkshire Hathaway Shareholder Letter

“At See's Candies we had an 8% increase in pounds sold, even though 1988 was itself a record year.”

1989 Berkshire Hathaway Shareholder Letter

“our experience at See's and NFM would indicate they made a major mistake.”

1987 Berkshire Hathaway Shareholder Letter

“the quality of product and service at See's, simply because profits are down during a given year or quarter?”

1986 Berkshire Hathaway Shareholder Letter

“See's Candies ... 30,347 28,989 ... 15,176 14,558”

1984 Berkshire Hathaway Shareholder Letter

“See's Candies ............. 26,644 27,411 26,644 24,526 13,380 12,212”

1984 Berkshire Hathaway Shareholder Letter

“The success of See's reflects the combination of an exceptional product and an exceptional manager, Chuck Huggins.”

1983 Berkshire Hathaway Shareholder Letter

“Because we have raised prices so modestly in 1984, we expect See's profits this year to be about the same as in 1983.”

1982 Berkshire Hathaway Shareholder Letter

“See's Candies ............. 23,884 20,961 14,235 12,493 6,914 5,910”

Blue Chip Stamps Annual Letter 1981

“See's success to date becomes even more remarkable when its industry background is examined in more detail.. So far as we know the candy-store business continues to be terrible to mediocre for all oth”

Blue Chip Stamps Annual Letter 1981

“based on See's 1981 earnings of $11.1 million, this investment in See's is worth considerably more than its carrying value”

1979 Berkshire Hathaway Shareholder Letter

“unwillingness to fix a price now for a pound of See's candy or a yard of Berkshire cloth to be delivered in 2010 or 2020”