This is a free PDF of Charlie Munger's letters to the shareholders of Blue Chip Stamps from 1977 to 1982.
Blue Chip Stamps began as a trading stamp company that used its blue stamps as a loyalty program for customers of groceries and pharmacies. As business declined in the late 1960s and early 1970s, companies controlled by Warren Buffett and Charlie Munger purchased controlling interest in Blue Chip. Just like they did with Berkshire Hathaway, excess cash flow and float was used to purchase public securities and other businesses like See's Candy.
Written by Charlie Munger, these letters show the changing nature of Blue Chip's business model and how it was transformed from a declining business into a valuable mini-conglomerate eventually acquired by Berkshire Hathaway.
These letters are free in following digital formats:
- Online reader version
- PDF download — "Add to Cart" and checkout above for the download link
- 6 years of letters from 1977 to 1982.
- Detailed strategic discussions by Munger of Blue Chip, See's Candy, Buffalo News, Mutual Savings, and more.