Billionaire Charlie Munger is singing the praises of one of his favorite stocks, and Yahoo Finance’s 2022 Company of the Year, Costco (COST).
On Wednesday, during The Daily Journal’s annual shareholder meeting, Munger said, “I love everything about Costco. I’m a total addict, and I’m never going to sell a share.”
A longtime friend of investor Warren Buffet, Munger is vice chairman of Buffet’s Berkshire Hathaway (BRK-A, BRK-B).
At 99 years of age, Munger has come to be known for his quick wit on subjects ranging from cryptocurrencies, to Elon Musk. He has long sung the praises of the big box retailer, as he has maintained a long relationship with the company’s stock.
He also served as the company’s director since 1997,
In early 2022, at The Daily Journal’s annual meeting, he said, “I wish everything else in America was working as well as Costco does. Think what a blessing that would be for us all.”
Although Berkshire Hathaway sold its 4.3 million share stake in the retailer in late 2020, Munger has maintained his own personal stake in the company. Munger’s personal stake amounted to 187,180 shares, as of November of 2022. The stake is worth roughly $95 million at the current stock price.
Only longtime owner and Costco CEO Craig Jelinek’s 196,095 share stake is larger.
Jelinek has said Munger has been an enormous asset to Costco over the years, and his mind is as sharp as ever.
In a December interview with Yahoo Finance Live, Jelinek said, “I could share many stories with Charlie. Charlie’s got a photographic memory.”