Costco, every mention
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every year anyone David Senra 164
Verbatim, from the transcripts: the passages where Costco comes up
How Jensen Works
- ▶ 0:45 David Senra The best description of this I ever heard actually comes from Jim Senegal, the founder of Costco.
The Billionaire Who Automates Everything: Thomas Peterffy
- ▶ 30:42 David Senra I brought up Costco, a comparison that investors like to make. 2 times in the scene
This Orphan Built a $116 Billion Empire Without You Noticing
- ▶ 1:05:41 David Senra This is what Jim Sinegal, the founder of Costco said.
Lessons from Jeff Bezos's Shareholder Letters
- ▶ 26:07 David Senra I think Jim Senegal, the founder of Costco is like two decades older than Jeff meets with Jeff when he's 37 years old.
- ▶ 39:12 David Senra One of the most important lessons came when Bezos visited Senegal to understand the Costco model. 5 times in the scene
- ▶ 44:33 David Senra Is that not what, that's exactly what Costco did.
Todd Graves and His $10 Billion Chicken Finger Dream
- ▶ 2:55 David Senra And he used Costco as an example.
400 Pages of Warren Buffett and Charlie Munger In Their Own Words
- ▶ 1:12:17 David Senra And Munger talks about Costco. 6 times in the scene
How Jensen Thinks
- ▶ 30:10 David Senra In fact, Jim Senegal, the founder of Costco, who was a mentee of Sol Price has the best quote on this.
James J. Hill: The Empire Builder
- ▶ 11:19 David Senra And so Munger is talking about how great Jim Senegal, the founder of Costco is.
Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
- ▶ 3:53 David Senra It's their analysis of how Jim Senegal ran Costco. 3 times in the scene
- ▶ 6:53 David Senra And so you start to see this at the very beginning when he starts talking about Costco, he's like, well, 10 times in the scene
- ▶ 11:43 David Senra You know, Costco is going to only get a lot bigger from here. 3 times in the scene
- ▶ 19:09 David Senra And he arrives at that conclusion because he's like, well, if we can invest in them early, we can invest in Costco and Amazon early. 15 times in the scene
- ▶ 32:03 David Senra And he makes the point that both Costco and Amazon at this time, they're penalized by the public markets because they're giving so much of their 4 times in the scene
- ▶ 44:15 David Senra So they're like, is Amazon or Walmart? 3 times in the scene
Nick & Zak’s Excellent Adventure: How Nick Sleep & Qais Zakaria Built Their Partnership
- ▶ 14:06 David Senra When I went to dinner Charlie Munger's house, I asked him because I was obsessed with Costco and Jim Senegal.
- ▶ 25:19 David Senra And the first company that introduced them to this model was Costco. 22 times in the scene
- ▶ 29:35 David Senra They realized it had much in common with Costco. 2 times in the scene
- ▶ 34:17 David Senra When Bezos unveiled Amazon Prime, Nick and Zach recognized instantly that this was the Amazonian equivalent of Costco's annual membership feed. 2 times in the scene
- ▶ 38:53 David Senra We're going to upgrade our portfolio, concentrating even more heavily on its highest quality companies, including Amazon, Costco, and Berkshire. 2 times in the scene
Li Lu and Charlie Munger and Warren Buffett
- ▶ 55:47 David Senra And then you have, you know, success of Walmart, and then he sees the success of, uh, what he wants to do, like, like a Costco, like a, when he starts Sam's Club.
Robert Kierlin: Founder of Fastenal
- ▶ 13:35 David Senra An idea that's gonna sound a lot like one of Munger's favorite founders, which is Jim Senegal of Costco.
- ▶ 33:15 David Senra Jim Costco, or Jim Costco. 2 times in the scene
I had dinner with John Mackey: Founder of Whole Foods
- ▶ 1:06:24 David Senra Uh, first appeared and Costco the same way first appeared on the scene, the grocery stores, their initial reaction was wrong.
- ▶ 1:10:28 David Senra Then try and try to appeal to Whole Foods customers while undercutting our prices than it was to focus on the lower quality end and try to compete with Walmart and Costco on price.
The Inside Story of America's Richest Man: Sam Walton
- ▶ 1:03:22 David Senra Sam Walton learned from him, Jeff Bezos, Jim Senegal, the founder of Costco. 2 times in the scene
How Steve Jobs Kept Things Simple
- ▶ 33:40 David Senra There's a great line from, uh, Jim Senegal, who's the founder and former CEO of Costco. 2 times in the scene
Les Schwab (Charlie Munger recommended this book)
- ▶ 1:06:02 David Senra Later, Les Schwab rose in competition with the huge price discounters like Costco and Sam's Club. 2 times in the scene
Charlie Munger (the NEW Poor Charlie's Almanack)
- ▶ 42:57 David Senra And so the example he uses for that is like the discount warehouses of Costco.
Working with Jeff Bezos
- ▶ 46:55 David Senra The fact that Jeff met with Costco founder Jim Senegal and the meeting changed the trajectory of Amazon.
Sol Price: The Founder Who Taught Jim Sinegal, Sam Walton, Jeff Bezos, and Bernie Marcus
- ▶ 0:01 David Senra This is Jim Senegal, founder of Costco, writing in the foreword of this book. 4 times in the scene
- ▶ 3:08 David Senra The first is that I'm unbelievably impressed with Costco as a business. 3 times in the scene
- ▶ 16:33 David Senra And so it's through Seoul's legal practice that we see the very first, like, kernel of this idea that's going to eventually turn into Costco.
- ▶ 18:53 David Senra This ends up in Costco. 2 times in the scene
- ▶ 23:38 David Senra That is 40 years before Costco is invented, or founded, rather. 6 times in the scene
- ▶ 26:17 David Senra Just like you and I do today when we walk into, uh, Costco, and we go back to this idea. 2 times in the scene
- ▶ 27:19 David Senra And this is the first part of the book where we see that Sol's business philosophy, uh, you're gonna see, you obviously see this with Costco today. 3 times in the scene
- ▶ 30:39 David Senra So, like, Costco to this day sells, like, drugs, prescription drugs, 4 times in the scene
- ▶ 34:21 David Senra Jim Sinegal, Costco's founder, started working for soul in 1954 at the age of 18.
- ▶ 36:15 David Senra And so one of these ideas that he spread to his alter egos, uh, this is something Costco uses.
- ▶ 39:14 David Senra And once he realized, like, grows the idea for Price Club, he realizes, hey, we got to sell to Costco because Jim's just the best operator in the world. 4 times in the scene
- ▶ 44:11 David Senra And if you think about the price club idea, Costco is this, but for everybody, the price club idea was finally conceived a wholesale business 6 times in the scene
- ▶ 47:07 David Senra The Price Club is so successful before it sells, it's going to wind up petering out before Costco buys it, in large part because of competitors that Sol Price actually created for himself. 6 times in the scene
- ▶ 51:13 David Senra And so in this case, in this story, Costco and Sam Walton are going over, under, and through the competition to the detriment of Price Club. 2 times in the scene
- ▶ 54:37 David Senra It's either Sam Walton, who had already offered, or Costco. 2 times in the scene
Rose Blumkin (Warren Buffett's Favorite Founder)
- ▶ 8:29 David Senra And in many cases, I think it's in this book, and if it's not, I'll find the quote for us, about the fact that she hit on the idea for what makes places like Costco and Walmart so special before there was a Costco and Walmart. 2 times in the scene
I had dinner with Charlie Munger
- ▶ 47:06 David Senra In business, we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables, like the discount warehouses of Costco.
Warren Buffett & Charlie Munger In Their Own Words
- ▶ 33:42 David Senra Uh, he's the one that came up with the, the idea, like what everybody knows, Costco. 2 times in the scene
Jeff Bezos' Shareholder Letters
- ▶ 27:33 David Senra It is when Jim Senegal, the founder of Costco, met with Jeff for coffee. 6 times in the scene
- ▶ 34:37 David Senra He goes back to the meeting, tells his S team, Hey, we're going to be just like Costco and Walmart.
- ▶ 53:56 David Senra It reminds me of Charlie Munger on Costco being against human nature.
Kobe Bryant (Mamba Mentality)
- ▶ 16:03 David Senra Jim Sinegal, the founder of Costco, says, if you're not spending 90% of your job teaching, you're not doing your job.
The Biography of Kobe Bryant
- ▶ 25:23 David Senra If you listen to episode one oh seven, which is the biography of Sol Price, everybody knows the business Costco. 2 times in the scene