Has Costco ever been on sale? Everytime I've looked into it, it's looked very high. It's done fantastic but I know the day I make a major investment will be the day the correction comes. I need some margin of safety.

I hear you. My only two speculative holdings are BRK-B and COST. We lived in San Diego during the Price Club and early Costco years. One of our sons worked in the Price Club bakery in early adulthood. So we've long been fans. I'd wanted to invest in COST for many years, but it always looked overpriced to me. About 1.3 years ago I bit the bullet, as the price was relatively low compared to its recent history, albeit still quite high by value standards. Fortunately it's now up 50.9% since then, despite having dropped 4.7% from its all-time high 3 months ago – a present CAGR of 37.1%. Needless to say, I wish I'd bought more back then.

As a customer my only complaint is that whenever we visit Costco the place is jammed. As a thankful investor that’s quite reassuring. Who am I to complain about too many customers at Costco? And I’m comfortable hanging on to it, despite its exaggerated price, given its inherent integrity and long-term prospects. To my mind, COST is now a sibling of BRK.

Tom