1:29:01 Love this answer. Munger was the master of introspection, rationality and honest reflection. He knew 10X more about what makes us wrong as opposed to right, which in an industry where real opportunities present themselves far and few in-between was extremely rare and powerful.
That's a pretty good idea, accumulating into Topicus until a share of Constellation can be purchased with the position (for platforms that don't do fractional shares). Before there were Berkshire B shares investors used to buy Wesco shares as a substitute when they couldn't afford a single Berkshire A share.
What if Couche Tard, instead of trying to purchase 7-11 in Japan, would purchase the better smaller stores that compete with them and learn from these businesses taking what works for that market consolidating the best ideas from each of these stores so that they can better compete against 7-11. This would be similar to how Sam Walton absorbed the better ideas of the different chains he competed with. Over time 7-11 stores would be worth less and they could purchase them for less.
@@robinspeziale one risk aspect that I'm thinking of is when Target tried to expand into Canada and despite the proximity in both geography and culture, they ran into all sorts of problems notably on how to keep the stores stocked. Had they gone with a single store, they would have found it easier to keep it stocked and see what sells. Japan is far from Canada in both geography and location, it's in a different time zones so a few stores would be a smaller financial drag on Couche Tard but good laboratories. Since culture is mostly homogenous over there, there may be a bit more variation in different cities as opposed to concentrating the investment in a single city. BTW: The Target CEO got a golden parachute when he resigned and the Canadian Target employees got nothing when they closed.
That Japan culture don’t stand out thing is not really an American thing. It’s the same incountries where the population is largely homogenous and treasures sameness like the rest of Asia. I grew up in Canada and got my head handed to me in Taiwan.🤣
Japanese culture is quite innovative though. How does a person propose an idea for an improvement without standing out from the crowd. Do they do this via a suggestion box system ?
👋Wait, there's more! 🎙Watch the Capital Compounders Show: th-cam.com/play/PLosAJ2DNnOckBeltQ8rm44Ac20cjsgLqn.html&si=Tedl1nMyDzhDMgse
1:29:01
Love this answer. Munger was the master of introspection, rationality and honest reflection. He knew 10X more about what makes us wrong as opposed to right, which in an industry where real opportunities present themselves far and few in-between was extremely rare and powerful.
Yes! Thanks for watching
Thanks again for the chat Robin. For the record we sold TOI and LMN and redirected proceeds back into CSU; I didn’t make that clear. Happy Hols all.
That's a pretty good idea, accumulating into Topicus until a share of Constellation can be purchased with the position (for platforms that don't do fractional shares). Before there were Berkshire B shares investors used to buy Wesco shares as a substitute when they couldn't afford a single Berkshire A share.
Why
Excellent show. Appreciated Jason's comments on Japanese companies.
Thanks for watching!!
Brilliant interview! Many thanks for sharing, Robin.
@@evadeanu1 thanks again for watching, you're on a roll 😄
What if Couche Tard, instead of trying to purchase 7-11 in Japan, would purchase the better smaller stores that compete with them and learn from these businesses taking what works for that market consolidating the best ideas from each of these stores so that they can better compete against 7-11. This would be similar to how Sam Walton absorbed the better ideas of the different chains he competed with. Over time 7-11 stores would be worth less and they could purchase them for less.
@@HepCatJack interesting. @jdelvico thoughts? 💭
@@robinspeziale one risk aspect that I'm thinking of is when Target tried to expand into Canada and despite the proximity in both geography and culture, they ran into all sorts of problems notably on how to keep the stores stocked. Had they gone with a single store, they would have found it easier to keep it stocked and see what sells. Japan is far from Canada in both geography and location, it's in a different time zones so a few stores would be a smaller financial drag on Couche Tard but good laboratories. Since culture is mostly homogenous over there, there may be a bit more variation in different cities as opposed to concentrating the investment in a single city.
BTW: The Target CEO got a golden parachute when he resigned and the Canadian Target employees got nothing when they closed.
@HepCatJack Target Canada was a sad story! Bad execution.
That Japan culture don’t stand out thing is not really an American thing. It’s the same incountries where the population is largely homogenous and treasures sameness like the rest of Asia. I grew up in Canada and got my head handed to me in Taiwan.🤣
@@matthewwu2454 interesting, do tell! Thanks for watching
Japanese culture is quite innovative though. How does a person propose an idea for an improvement without standing out from the crowd. Do they do this via a suggestion box system ?