Charlie Munger
👤 SpeakerAppearances Over Time
Podcast Appearances
And that's what everybody needs is wonderful early years. Wow.
And that's what everybody needs is wonderful early years. Wow.
Warren got tired of me kind of reminding him. Yeah, yeah.
Warren got tired of me kind of reminding him. Yeah, yeah.
No one was kidding me for being so repetitive on the subject. But there aren't many times in a lifetime when you know you're right and you know you have one that's really gonna work wonderfully. Maybe five, six times in a lifetime you get a chance to do it. And people who do it two or three times early all go broke because they think it's easy.
No one was kidding me for being so repetitive on the subject. But there aren't many times in a lifetime when you know you're right and you know you have one that's really gonna work wonderfully. Maybe five, six times in a lifetime you get a chance to do it. And people who do it two or three times early all go broke because they think it's easy.
Well, they really did sell cheaper than anybody else in America. And they did it in big, efficient stores. And all the parking spaces were 10 feet wide instead of 8 feet 9 or whatever they normally are. They did it all right. And they had a lot of parking spaces. And they kept out of their stores. All these people didn't do big volumes, you see.
Well, they really did sell cheaper than anybody else in America. And they did it in big, efficient stores. And all the parking spaces were 10 feet wide instead of 8 feet 9 or whatever they normally are. They did it all right. And they had a lot of parking spaces. And they kept out of their stores. All these people didn't do big volumes, you see.
And they gave special benefits to the people who did come to the stores in the way of reward points.
And they gave special benefits to the people who did come to the stores in the way of reward points.
They make the suppliers wait until they've been paid, and then they're scheduled to pay only after they're scheduled to sell.
They make the suppliers wait until they've been paid, and then they're scheduled to pay only after they're scheduled to sell.
Who knows? Saul kind of liked it. He was kind of a financier. He liked deals. He liked this miscellaneous real estate. Yeah, but it doesn't make sense. You got an enterprise as big as Costco. You don't want to screw around with your parking lot and get other people to clog up your parking lot permanently and stuff that's not going to pay you very much. You don't want them is the answer.
Who knows? Saul kind of liked it. He was kind of a financier. He liked deals. He liked this miscellaneous real estate. Yeah, but it doesn't make sense. You got an enterprise as big as Costco. You don't want to screw around with your parking lot and get other people to clog up your parking lot permanently and stuff that's not going to pay you very much. You don't want them is the answer.
Well, there are lots of them. That little grocery store chain here in Los Angeles, Gelson Brothers.
Well, there are lots of them. That little grocery store chain here in Los Angeles, Gelson Brothers.