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4min chapter
TIP492: The Best Investor You've Never Heard of
We Study Billionaires - The Investor’s Podcast Network
The Flywheel Effect on Costco's Stock Price
Munger: Incentives at the root of all great businesses is incentives. He says Costco's competitive position was only going to strengthen as profits were reinvested back into the business. Once you start to see those incentives, possibly get thrown off, that's when you started to see undesirable results in his opinion. Munger said he saw a similar incentive structure between Amazon and Costco.
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