Charlie Munger
Acquired
**Costco was a great model with great culture **
The beauty of getting rich once is that you don't have to repeat the process. Patience for great opportunities is important, but recognizing and seizing them is crucial. During dinner, we discussed the connection between Costco's low price and high inventory turnover. The reason why others can't replicate it is because it requires consistent execution and a strong culture. The success lies in the combination of the business model and culture, along with 40 years of relentless hard work. Costco's story includes the cautionary tale of raising the price of ketchup by 3% – seemingly insignificant, but potentially disastrous.
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