Acquired
Costco
Ben Gilbert
Yep. In a lot of ways, I think what Costco is sort of doing is they realize that they have latent branding power and latent scale economies, and they sort of choose not to recognize short-term profits from those. And I think it's all this super long-term game where... This is why the market is willing to pay a much higher multiple for Costco than any of their competitors.
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