Billionaire investor Charlie Munger reaffirmed his love for one of the world’s most well-known value retailers and Yahoo Finance’s 2022 Company of the Year — Costco (COST).
“I love everything about Costco,” Munger said during The Daily Journal’s annual shareholder meeting on Wednesday. “I’m a total addict, and I’m never going to sell a share.”
Munger serves as chairman of The Daily Journal and vice chairman of his longtime friend Warren Buffett’s Berkshire Hathaway (BRK-A, BRK-B).
The 99-year-old Munger, known for his quick wit on everything from crypto to Elon Musk, has maintained a longstanding relationship with Costco and has repeatedly spoken favorably about the big-box retailer.
Munger has also served as a director at Costco since 1997.
“I wish everything else in America was working as well as Costco does,” Munger said at The Daily Journal’s annual meeting in early 2022. “Think what a blessing that would be for us all.”
Berkshire Hathaway exited its stake in Costco in late 2020 after selling 4.3 million shares, but Munger has retained a personal stake in the company. As of Nov. 2022, Munger directly owned about 187,180 shares of the company worth about $95 million today.
Munger’s ownership is second from an individual holder perspective behind longtime Costco CEO Craig Jelinek’s 196,095 shares.
Jelinek says Munger has been a huge asset to Costco through the years and not just because of his legendary quick wit — though that has been appreciated too.
“I could share many stories with Charlie,” Jelinek told Yahoo Finance Live in December (video above). “Charlie’s got a photographic memory.”
Yahoo Finance’s Alexandra Semenova contributed to this story.
Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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Source: https://finance.yahoo.com/news/billionaire-charlie-munger-on-costco-stock-im-a-total-addict-204124054.html