Transcript
Introduction
Patrick
Today we will be diving into Costco. Costco is a favorite business story and model for many operators and investors. It was founded in 1983 in Seattle, and it has grown into a juggernaut with over $169 billion in sales and almost 60 million members globally. To me, Costco is the best example of doing one thing for customers and getting better at it constantly for decades. To help me break down Costco, I talked to both Zack Fuss and Chris Bloomstran. Zack is an investor at Continental Grain, a 200-year-old family-owned business that is focused on investing and operating businesses throughout the food and agriculture ecosystem with assets across the US, Latin America, and Asia. Chris is the President and Chief Investment Officer of Semper Augustus Investments Group and a long-time shareholder of Costco. In this Breakdown, we'll start with Zack by diving into the Costco business model, examining the relentless focus on efficiency that separates Costco from its peers, and exploring the secrets behind its private-label Kirkland. I'll then talk to Chris about the growing international opportunities for Costco and the lessons that operators and investors can take away from studying the business and founder James Sinegal. I hope you enjoyed this Breakdown of Costco.