Charlie Munger

Well, I suppose if it were to be Hermes, an achievement on a price, I'd buy it. But short of that, I'm going to buy a new style of company.

Well, I suppose if it were to be Hermes, an achievement on a price, I'd buy it. But short of that, I'm going to buy a new style of company.

Well, if you're as good as they are, what they've done, you have a lifetime to do it in. Every now and then, three or four lifetimes to do it in. You can create another, but it's not easy.

Well, if you're as good as they are, what they've done, you have a lifetime to do it in. Every now and then, three or four lifetimes to do it in. You can create another, but it's not easy.

It's not a bit easy. They have meetings every day where they make policy decisions. They choose the locations one at a time. It's work.

It's not a bit easy. They have meetings every day where they make policy decisions. They choose the locations one at a time. It's work.

Well, they just got a brand people trust so much. It took them a century to do it.

Well, they just got a brand people trust so much. It took them a century to do it.

Kirkland is a brand the way Tide is a brand. And Hermes is a different kind of a brand.

Kirkland is a brand the way Tide is a brand. And Hermes is a different kind of a brand.

Well, it's hard for us not to love brands since we were lucky enough to buy the See's candy for $20 million as our first acquisition. And we found out fairly quickly that we could raise the price every year by 10% and nobody cared. We didn't make the volumes go up or anything like that. Just made the profits go up. So we've been raising the price by 10% a year for all these 40 years or so.

Well, it's hard for us not to love brands since we were lucky enough to buy the See's candy for $20 million as our first acquisition. And we found out fairly quickly that we could raise the price every year by 10% and nobody cared. We didn't make the volumes go up or anything like that. Just made the profits go up. So we've been raising the price by 10% a year for all these 40 years or so.

And it's been a very satisfactory company. We didn't require any new capital. That's what was so good about it. Very little new capital. We had two big kitchens and a bunch of rental stores when we bought it. Now it's got two big kitchens and a bunch of rental stores. Well... Charlie was a playboy. And his brother ran the company, his older brother, and dominated it completely.

And it's been a very satisfactory company. We didn't require any new capital. That's what was so good about it. Very little new capital. We had two big kitchens and a bunch of rental stores when we bought it. Now it's got two big kitchens and a bunch of rental stores. Well... Charlie was a playboy. And his brother ran the company, his older brother, and dominated it completely.

But when he died, Charlie made his brother his executor. And now he needs a lot of money to pay death taxes. He doesn't have it. And it's due, you know, eight months or something later. And so they really wanted to sell so they could pay the death taxes. And Steve was only making $4 million pre-tax when we bought it.

But when he died, Charlie made his brother his executor. And now he needs a lot of money to pay death taxes. He doesn't have it. And it's due, you know, eight months or something later. And so they really wanted to sell so they could pay the death taxes. And Steve was only making $4 million pre-tax when we bought it.

We only found out about it because Charlie C. was on his cruise to Hawaii or something with this guy who was a client of an investment counselor who also worked for Blue Chip Stamps, which is the company that bought it. And at any rate, that's how we found out about it. We paid that guy a finer fee. We've never paid one cent. He always says that it was worth it.

We only found out about it because Charlie C. was on his cruise to Hawaii or something with this guy who was a client of an investment counselor who also worked for Blue Chip Stamps, which is the company that bought it. And at any rate, that's how we found out about it. We paid that guy a finer fee. We've never paid one cent. He always says that it was worth it.

Of course, but you don't want to have a reputation for paying finer fees. Everybody in the world will be bothering you all day long.

Of course, but you don't want to have a reputation for paying finer fees. Everybody in the world will be bothering you all day long.