Topic
6 facts from 3 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
1971
See's Candies had about $5 million of hard assets on its books but already had a $30 million offer on the table.
“the factory and the stores and the hard assets on the books are valued at $5 million. But Seas already has an offer on the table for $30 million.”
1972
Blue Chip Stamps bought See's Candies for $25 million, and the company went on to deliver over $2 billion in free cash flow.
“Blue Chip buys See's for $25 million. And over the ensuing years, this little candy company delivers over $2 billion in free cash flow”
Undated
Charlie Munger said See's Candies, bought for $20 million, was Berkshire's first acquisition in the brand category.
“Well, it's hard for us not to love brands. Since we were lucky enough to buy the Seas candy for $20 million as our first acquisition.”
Undated
Charlie Munger said See's Candies has raised prices about 10% a year for roughly 40 years.
“So we've been raising the price by 10% a year for all these 40 years or so.”
Undated
Charlie Munger said See's Candies earned only about $4 million pre-tax when Blue Chip Stamps bought it.
“And it seemed it was only making $4 million in pre-tax when we bought it.”
Undated
Berkshire Hathaway paid $25 million for See's Candies, which David says has since returned at least $2 billion in cash.
“they only paid 25 million for the the company”
Episodes