Notes from https://www.barrons.com/amp/articles/costco-cfo-membership-fees-hot-dog-prices-charlie-munger-61310d05

• Costco
  • 874 stores
  • market value = $325 billion; P/E = 45
  • gross margin = 13%
  • limits markups to 14% on branded goods and to 15% on Kirkland products
  • 73 million households are members
  • co-founder and longtime CEO Jim Sinegal
  • Craig Jelinik is successor to Jim Sinegal
  • new CEO, Ron Vachris
  • Richard Galanti - long time CFO
  • Costco opened its own hot-dog plant that makes 300 million franks a year
  • Costco owns most of its real estate and maintains a strong balance sheet with more cash than debt.
  • pays $29 an hour while rivals pay around $20.
  • average employee has been with Costco about 10 years
  • veteran cashiers can make over $30 an hour plus get a 9% contribution from the company to their 401(k) plan
  • employees pay ~10% of the cost of healthcare plan vs industry average of 20%

• Richard Galanti
  • is on the board of a private company, Veterinary Emergency Group, which provides 24-hour service for pets through a chain of hospitals