Ben Gilbert: commitment

Transcript context

…47 years. Yes. Most of you are very familiar with this Disneyland of consumer value that I'm referring to. It is Costco. This company seems very simple on the face of it. If you sell in bulk, you have the opportunity to offer great deals to your customers. But what really makes it work are the 50 clever innovations that they've refined over the years, that all work together like an orchestra that's been rehearsing for decades. Nothing about Costco is an accident from the extra wide parking spaces to the whole rotisserie chickens. If your goal is to offer extremely great value to your customers on high quality products at the lowest possible prices, there are a lot of ways that you could go about doing that. Today, we will walk through the very specific path of decisions and trade-offs that Costco has chosen to accomplish just this. Listeners remember that: extreme value, high quality products, lowest possible prices. David, my God, does this method work well? There is a reason Charlie Munger loves this business. Does he ever? You know the great Warren Buffett joke about Costco, right?…

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