Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 5 · id poor-charlies-almanack-c5-05-sees-candies-purchased-for-25-

“See's Candies, purchased for $25 million in 1972, generated over $2 billion in cumulative pre-tax earnings for Berkshire by 2023.”

holdsconfidence: high✓ ZHP-verified + red-teamed

Receipts

Berkshire Hathaway 2019 Annual Lettersource alive

See's has earned $2 billion in pre-tax income since our purchase, requiring almost no additional capital investment.

Poor Charlie's Almanack, Investment Philosophysource alive

See's taught us the value of brand-based pricing power. Before See's, we would never have bought Coca-Cola.

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