Your podcast is great! Wish you guys could add chapters in your videos so I (and I think many others) could go back and quickly look up the information.
Feedback for future uploads, could you add chapters to the video? I lost my place as i came back to the video and as there isn't any video its hard to find the spot was at.
I sold enterprise level software to Costco in the 90s. They were hands down the most operationally shrewd and decisive F500 company I have ever worked with. The average tenure of their employees then was 8.5 yrs, and it was common to see people with 10 or 12 yr stickers on their name badges. The benefit packages were often better than other mainstream salary driven companies. And the employee morale whether it was in corporate HQ or the stores was noticeably high, the pride was evident at every level. They paid vendors on time or early, and in full. As a vendor they were accessible and responsive; genuinely interested in building strong partnerships. They faced problems and setbacks head on. And they were maniacal about workspace safety, if there was a better safer way to do something it got done, period. They were also unflinching in their standards and negotiated expectations with vendors. If you screwed up as a vendor, if you were late or short or ducked responsibility you were gone. Some of the most productive and straight shooting folks I had the pleasure of working with.
As a Costco member this is very eye opening. Im glad they have a limit on their margins and pay well above average. Thats honorable and I will gladly pay my 60 bucks a year just for that. When I shop at Costco I feel the prices are so more in line for what I want to be paying per item even if I have to buy more in bulk. Their Kirkland signature products are always near, par, or better than the best brands from normal stores and almost always be a better value. The products they carry are amazing. Their loss leeders are just another bonus. I just don't feel screwed over by shopping there like other stores when I go "how the blank is this so expensive". I just saved 10% per month on my pet insurance I was already going to get which is another $3.50 a month in savings. That almost pays for the membership right there. I don't think I will ever not be a Costco member.
Thanks Been a long term investor of Costco (never shoped from them since I am from Cyprus) and I thought a new costco well, but I learned a lot from this audio
Love the podcast guys have binged a few episodes if I may offer a suggestion I would love to see you do ASML in a format like this. I think ASML's history and business would be interesting to see especially if you guys do it in your Costco format, or Novo Nordisk.
Do you guys only talk about current companies it would be cool if you could cover sears. Or find what the linkage of sears is the way you drew a line from fed mart to Costco.
Your “bookshelf” convinced me to try Blinkist. I always assumed they didn’t have that great of books, because who would give up the licenses, but they must if you all find value in some of their books. David Senra should get the same deal with them if he doesn’t.
Kirkland Blanco Tequila is the best Blanco Tequila I have ever had, at any price. I don’t know who makes it for them, but for some reason Kirkland’s tastes better.
I think membership is relational commitment for both sides. They know it's worth it to provide quality and bulk products and a buyer knows that someone is working for them to curate a product.
I absolutely know Costco is going to sell me a great product. I consider them curators. So, I definitely don't need selection from them. Do the work of separating the wheat from the chaff for me. Be my concierge, Costco. The only miss are the batteries. Kirkland batteries are terrible. But I'm okay with being burned once in 20 years.
Also feedback, why don't you guys just record a video while you speak? Two birds one stone. Like I came to youtube hoping there would be a Video after starting your podcast on Spotify. Doesn't make sense to upload audio AGAIN to a main video platform. Great content tho.
Awesome podcast guys! Credit where it's deserved, but honest critical feedback @2:12:07, very few people consider Nike prices (especially their shoes) to be low-priced and very seldom do they score points on build quality when compared to competitors - vs Asics in the general footwear category or Saucony in the niche running footwear category. Nike started off with Phil Knight's struggle with Asics and then getting top athletes to wear his shoes - Nike's DNA is just not inline with Costco's story.
I can't believe so much research goes into making this but you guys miss so hugely on walmart vs costco debate. As an analyst working for Sam's club, i can say so many points made in comparison with walmart is extremely unfair and is like comparing apples to oranges. It's so frustrating to listen to this amazing information filled episode in so many ways but misses the point so much here.
Your podcast is great! Wish you guys could add chapters in your videos so I (and I think many others) could go back and quickly look up the information.
This
Exactly
Feedback for future uploads, could you add chapters to the video? I lost my place as i came back to the video and as there isn't any video its hard to find the spot was at.
I sold enterprise level software to Costco in the 90s. They were hands down the most operationally shrewd and decisive F500 company I have ever worked with. The average tenure of their employees then was 8.5 yrs, and it was common to see people with 10 or 12 yr stickers on their name badges. The benefit packages were often better than other mainstream salary driven companies. And the employee morale whether it was in corporate HQ or the stores was noticeably high, the pride was evident at every level. They paid vendors on time or early, and in full. As a vendor they were accessible and responsive; genuinely interested in building strong partnerships. They faced problems and setbacks head on. And they were maniacal about workspace safety, if there was a better safer way to do something it got done, period. They were also unflinching in their standards and negotiated expectations with vendors. If you screwed up as a vendor, if you were late or short or ducked responsibility you were gone. Some of the most productive and straight shooting folks I had the pleasure of working with.
As a Costco member this is very eye opening. Im glad they have a limit on their margins and pay well above average. Thats honorable and I will gladly pay my 60 bucks a year just for that. When I shop at Costco I feel the prices are so more in line for what I want to be paying per item even if I have to buy more in bulk. Their Kirkland signature products are always near, par, or better than the best brands from normal stores and almost always be a better value. The products they carry are amazing. Their loss leeders are just another bonus. I just don't feel screwed over by shopping there like other stores when I go "how the blank is this so expensive". I just saved 10% per month on my pet insurance I was already going to get which is another $3.50 a month in savings. That almost pays for the membership right there. I don't think I will ever not be a Costco member.
You didn’t mention cheap coffins 😂
*takes notes* 🤫
Do I have to buy a 6 pack?
They got everything from diapers to coffins lmaooo
"From cradle to grave, we got ya covered"
I thought this was the soundtrack for Costco stores and I’m thoroughly disappointed but cool podcast
Honestly we're a little disappointed too.
LOL same!
Thanks
Been a long term investor of Costco (never shoped from them since I am from Cyprus) and I thought a new costco well, but I learned a lot from this audio
Did it make you more concerned or content with your investment?
How do u fund ur stock account as a foreigner ??
What is your research process? Because this is some quality work!
I almost forgot about Fedco. My mom worked at the one in Pasadena. It was so cool to go there as a child.
I grew upc2 blocks from FESCO in Los Angeles on La Cienega. . it is well loved and missed by many.
Great summary of Costco. Fantastic podcast. Fantastic company. Fantastic stock. Love everything about Costco!
Great job guys! I learned so much about this industry just by listening to this episode.
Love the podcast guys have binged a few episodes if I may offer a suggestion I would love to see you do ASML in a format like this. I think ASML's history and business would be interesting to see especially if you guys do it in your Costco format, or Novo Nordisk.
"as more people become affluent" is a nice way of putting it when their competitors have to protect ever more of their offerings behind glass.
Do you guys only talk about current companies it would be cool if you could cover sears. Or find what the linkage of sears is the way you drew a line from fed mart to Costco.
Your “bookshelf” convinced me to try Blinkist. I always assumed they didn’t have that great of books, because who would give up the licenses, but they must if you all find value in some of their books. David Senra should get the same deal with them if he doesn’t.
You guys are awesome. Please keep it up.
Is there a full video version??
Presumably. The video short is what got me here. Patreon maybe? Haven't finished yet so I haven't heard any plugs.
How were both Costco and Amazon started in Seattle?
You two are great for business nerds like me by the way, just found you in recent months, top tier quality content 🤓🏦📈 thanks 🙏
Kirkland Blanco Tequila is the best Blanco Tequila I have ever had, at any price. I don’t know who makes it for them, but for some reason Kirkland’s tastes better.
been waiting for this one
Why no video?
It’s a podcast only. Uploaded to UA-cam
Are you ever gonna do REI?
Incredible. Commenting for the algorithm.
The best podcast with the worst opening trailer
My favorite podcast from you - 3h of interesting talk and much to learn 🙂
Thank you both for this opportunity and free knowledge ❤❤❤❤
Incredible episode!
Can they expand internationally? I thought part of the deal to split with pricesmart is that they stay in the US, pricesmart international
Truly the best episode of Acquired I listened to. Changed my perspective on Costco.
Why is there no video?
what do you think of Aldi,I feel that ALDI is a strong competitor to costco.
Awesome podcast! Love it:)
Have someone from Costco be a board member of Open Ai
Dang, I wish my closest Costco wasn’t in Plano Texas.
I'd say the membership is more sunk cost, rather than endowment effect.
I think membership is relational commitment for both sides. They know it's worth it to provide quality and bulk products and a buyer knows that someone is working for them to curate a product.
So costco chicken episode WEN?
Great job
Awesome content.👍🙏
Is the video version of this podcast posted anywhere?
Not this one! We typically only do video when we record in-person with a guest. Otherwise, it just looks like a recording of a Zoom call :)
Then why do the shorts have video
Wait aren’t the hot dog and the rotisserie chicken loss leaders?!
I absolutely know Costco is going to sell me a great product. I consider them curators. So, I definitely don't need selection from them. Do the work of separating the wheat from the chaff for me. Be my concierge, Costco. The only miss are the batteries. Kirkland batteries are terrible. But I'm okay with being burned once in 20 years.
You just replaced Radio Lab in my playlists.
Also feedback, why don't you guys just record a video while you speak? Two birds one stone. Like I came to youtube hoping there would be a Video after starting your podcast on Spotify. Doesn't make sense to upload audio AGAIN to a main video platform. Great content tho.
Awesome podcast guys! Credit where it's deserved, but honest critical feedback @2:12:07, very few people consider Nike prices (especially their shoes) to be low-priced and very seldom do they score points on build quality when compared to competitors - vs Asics in the general footwear category or Saucony in the niche running footwear category. Nike started off with Phil Knight's struggle with Asics and then getting top athletes to wear his shoes - Nike's DNA is just not inline with Costco's story.
Yup, with nike half your money goes to the swoosh.
I will never sell my costco shares...
2:24:25 "paradoxial"?
Can you do adidas
I can't believe so much research goes into making this but you guys miss so hugely on walmart vs costco debate. As an analyst working for Sam's club, i can say so many points made in comparison with walmart is extremely unfair and is like comparing apples to oranges. It's so frustrating to listen to this amazing information filled episode in so many ways but misses the point so much here.
That opening is how I felt about Nvdia in 2018, and still the apple of my eye and golden goose 🪿
Business thrives based on a demographic filter, ironic considering the politics of ithe founder, but so often the case.
Costco is no guilty there brand food suck
No one calls Seattle "lovely"
I do. Beautiful city!
wtf is this?