"God dwells within you ... as you."
Julia Roberts, in film Eat, Pray, Love.
Sunday, October 31, 2010
Monday, October 25, 2010
That's What Business Is
When we are selling the last box of See's Candy just before Christmas, and a customer has been waiting in line for maybe 20 or 30 customers, and if the sales lady smiles at that last customer, our moat is widened, and if she snurls at that last customer, our moat is narrowed; and we can't see it, but it's going on everyday. But that's the key to it, I mean that's a total part of the product delivery - it's having everything associated with See's Candy and something pleasant happening; and that's what business is all about.
That's what you want to have in a business - to widen the moat - and if you're See's Candy, you want to do everything in the world to make sure that the experience basically of giving that gift leads to a favorable reaction - that means what's in the box, it means the person that sells it to you, because all of our business is done when we are terribly busy.
That's what you want to have in a business - to widen the moat - and if you're See's Candy, you want to do everything in the world to make sure that the experience basically of giving that gift leads to a favorable reaction - that means what's in the box, it means the person that sells it to you, because all of our business is done when we are terribly busy.
On getting a return by Warren Buffett
It's a tough thing to decide what business to buy or what business to buy into; but I don't want to buy into any business I am not terribly sure of. So if I am terribly sure of a business, it probably isn't going to offer incredible returns. Why should somethihg that is a essentially cinch (a sure thing) - to do well - offer you 40% a year or something like that. So we don't have huge returns in mind, but we do have in mind never losing anything.
I mean we bought See's Candy in 1972 for 25 million dollars - it was making $us 4 million a year pretax; we took no capital to speak of. When we worked towards buying that business, basically my partner Charlie Munger and I really decided whether there was a little untapped pricing power there. In other words, whether that $1.95 box of candy could just as easily sell for $2.00 or for $2 and a quarter.
I mean we bought See's Candy in 1972 for 25 million dollars - it was making $us 4 million a year pretax; we took no capital to speak of. When we worked towards buying that business, basically my partner Charlie Munger and I really decided whether there was a little untapped pricing power there. In other words, whether that $1.95 box of candy could just as easily sell for $2.00 or for $2 and a quarter.
Friday, October 8, 2010
I dropped the worry on the way
"I was taught early to work as hard as play, my life has been one long happy holiday, full of work and full of play, I dropped the worry on the way, and God was good to me everyday." John D. Rockefeller at age 86.
Some Quotes by John D. Rockefeller Sr.
Every right implies a responsibility.
Every opportunity an obligation.
Every possession a duty.
John D. Rockefeller Sr.
Every opportunity an obligation.
Every possession a duty.
John D. Rockefeller Sr.
On friendship
Better to form a friendship founded on buisness than a business founded on friendship. John D. Rockefeller Sr.
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