"Blue Chip's business model eventually became obsolete, and its sales slowly declined over the years, from $126 million in sales in 1970 to $1.5 million in 1990. But, in its heyday, under Charlie's direction, Blue Chip used its surplus capital to purchase 100% of See's Candies and 80% of a finance company called Wesco, which owned a savings and loan. Just as Warren had taken capital out of Berkshire's failing textile operation to buy a thriving insurance company, National Indemnity, Charlie took the excess capital out of Blue Chip Stamp and invested it in profitable businesses. Eventually Blue Chip Stamp was merged into Berkshire Hathaway."
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Businesspeople from the United StatesPhilanthropists from the United StatesLawyers from the United StatesPeople from OmahaCalifornia Institute of Technology alumni
Original Language: English
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https://en.wikiquote.org/wiki/Charlie_Munger
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Charlie Munger
Charles Thomas Munger (January 1, 1924 – November 28, 2023) was Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by investor Warren Buffett.
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