원문 보기
Charlie I said I'd come back to this question this was about something that you do like as an investment Amy Patel from Montreal Quebec writes in that you love Costco so what do you think can hurt Costco's economic mode in the long term well as long as Costco keeps the Faith with it strong culture and their extreme low markup policy I don't see any stopping the trouble with cost goes it's 40 times earnings but but except for that it's a perfect damn company and it has a marvelous future and it has a wonderful culture and it's been run by wonderful people and I I I love everything about Costco I'm a total addict and I'm never going to sell a share all right this next question comes from Carston federov who's an equity anist analyst from German Germany and his question is stock-based compensation is a popular means of incentive compensation in many companies in some cases these take on alarming proportions it feels like companies are competing to outbid each other in some companies 20% of sales are paid out in stock based compensation how do you perceive the this development in recent years and what's a heavy uh what's a healthy level of incentives well I think you will find in American corporations very good incentive systems and others that are too liberal and others that are too nedly and what else would you expect of human nature but a certain amount of variety and I I agree that some of this in many a corporation everybody would vote to being allowed to have stock-based compensation you didn't count it in Computing the earnings they just want any damn way of making the earnings appear higher it's just human nature of course they want their like your little kid goes off to school they want to bring them good grades not bad grades and and so it's it's sure there's a big problem of excess corporation pay in some places other places like Costco I would say the compensation system is damn near perfect it's it's and and there's a fair amount of stock but we always buy in enough stock in Costco to pay for the stock we're issuing a lot of people in high-tech they issue the stock and they and they they don't they don't buy it in so it's a net delusion I think there's a lot that's wrong in American compensation systems and but why wouldn't there be by the way when I was young it wasn't so bad why this is something that's happened in the last 50 years author Khan writes in and he's a Daily Journal shareholder who lives in Toronto uh he says Mr Munger while many of us admire you and look up to you I want to ask who were some of the people you most admired and looked up to what was it about them that made them so special well some of the best people I would argue that Jim senagal at Costco was about as well adapted for the executive care he got and by the way he didn't go to whon he didn't go to the Harvard Business School he started to work at age 18 in a store and he rose to be CEO at Costco and in fact he was a Founder under a man named salul price and I would argue that what he accomplished in his own lifetime was one of the most remarkable things in the whole history of business in the history of the world Jim senagal in his life from he's still very much alive but he's but he he he had a one business through his whole life basically he just got so damn good at it there was prly nothing he didn't understand large or small and there aren't that that many Jim senagal and I'll tell you somebody else for a job that of the kind he has Greg Abel in a way is just as good as Greg C Sagle was M yeah he has a kind of a genius for the way he handles people and so forth and problems and I can't tell you how I admire somebody that has enough sense to kind of run these utilities as though he were the regulator and he's not trying to pass on the cost because he can do it he's trying to he's trying to do it the way he'd want it done if he were the regulator instead of the executive of course that's the right way to run a utility but how many are really run that way so there's some admirable business people out there and I've been lucky to have quite a few of them involved in my life the guy who ran TTI was a genius TTI is a berer subsidiary yeah you Daily Journal people think how lucky you'd be if we still had our Monopoly on publishing our cases or something we'd be like TTI well TTI has just marched some triumphs of triumphs and it was run by a guy he got fired and created the business please like And subscribe thank you
Comments 0