Charlie Munger
👤 SpeakerAppearances Over Time
Podcast Appearances
I'll tell you what it is. It is hard to open too many stores a year. New store, new manager, new this, new politics. It's hard. Plus, a lot of stuff has to be learned and taught and put in place. And so they didn't want to do more than they could comfortably handle.
I'll tell you what it is. It is hard to open too many stores a year. New store, new manager, new this, new politics. It's hard. Plus, a lot of stuff has to be learned and taught and put in place. And so they didn't want to do more than they could comfortably handle.
Well, I'll tell you what happened there. The first store they tried to open in China, the first store somebody wanted a $30,000 bribe. Chinese culture. And they just wouldn't pay it. And that made such a bad impression on Jim Senegal. He wouldn't even talk to him going into China for about 30 years thereafter. So what changed? Why finally go in?
Well, I'll tell you what happened there. The first store they tried to open in China, the first store somebody wanted a $30,000 bribe. Chinese culture. And they just wouldn't pay it. And that made such a bad impression on Jim Senegal. He wouldn't even talk to him going into China for about 30 years thereafter. So what changed? Why finally go in?
Well, finally the board started making enough noises.
Well, finally the board started making enough noises.
No, it's all price. They figured it out to announce.
No, it's all price. They figured it out to announce.
Yes. You always wanted the rich man trying to save money. Well, and it's not just that they're the wealthiest customers.
Yes. You always wanted the rich man trying to save money. Well, and it's not just that they're the wealthiest customers.
Well, take those goddamn Costco hot dogs. That's an exception. Anybody else would have raised the price of hot dogs a long time ago. They just don't do it. They just know that it's half famous. You'll bring your kids in. They know they've got something going there that's worth extra money to them. They just don't destroy it.
Well, take those goddamn Costco hot dogs. That's an exception. Anybody else would have raised the price of hot dogs a long time ago. They just don't do it. They just know that it's half famous. You'll bring your kids in. They know they've got something going there that's worth extra money to them. They just don't destroy it.
I may be a big fan, but I'm sort of... by my hat while he lurched around the track. And they make me nervous. It's so aggressive.
I may be a big fan, but I'm sort of... by my hat while he lurched around the track. And they make me nervous. It's so aggressive.
No, that's what makes me nervous. Of course, it's dangerous.
No, that's what makes me nervous. Of course, it's dangerous.