Costco is a fascinating business. You know all those groceries you buy? Yeah, they basically sell those at breakeven and then make all of their profit from the $60 annual membership fees. Quick [THREAD]
1/ "We have to have a business with some inherent characteristics that give it a durable competitive advantage." C. Munger "The key to investing is ... determining the competitive advantage of any given company and, above all, the durability of that advantage." W. Buffett
@gustavormiranda @naval Headliner mate.
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