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Costco is not only Charlie Munger\\u2019s favorite company of all time (plus he\\u2019s on the board, natch), it\\u2019s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America \\u2014 and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) \\u2014 and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals \\u2014 yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco\\u2019s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world\\u2019s most iconic \\u2014 and iconically unique \\u2014 companies.

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Links:

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• The Science of Hitting
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• Warren Buffett\\u2019s Costco joke
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• Episode sources
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Carve Outs:

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• Tifosi sunglasses
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• Dwells \\u201ctake off everything\\u201d
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• Jeremy Giffon on Invest Like the Best
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• Dogpatch
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• David Lidsky\\u2019s great piece on Acquired in Fast Company
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\\u200dNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.