Munger.pdf - Google Drive
A case study of Warren Buffett and Charlie Munger's investment in and management of Blue Chip Stamps. Includes: Letters 1978-1982 (final letter before merger with Berkshire) Financials (https://docs.google.com/spreadsheets/d/1M_pui2-0EDdvo4ndIVbBJ-UrwpCQ9gpuo1dkP2WWWYo/edit? usp=sharing) If you find any errors or have any other contributions, make a pull request or contact me through the Twitter handle @maxolson. Max Olson (@maxolson) Blue Chip Stamps Contributors Consolidated normal operating income (i.e., before parent company gains from sale of securities) for the calendar year 1978 increased slightly, to $13,553,000 ($2.62 per share) from $12,893,000 ($2.49 per share) in the previous fiscal year. Consolidated net income (i.e. , after parent company gains from sale of securities) decreased to $14,280,000 ($2.76 per share) from $16,993,000 ($3.28 per share) in the previous fiscal year. Our constituent businesses produce fluctuating returns from normal operations as well as from gains