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  • It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control.

    Charlie Munger's comments on Wesco and Berkshire Hathaway at the 2001 Wesco Financial Annual Meeting, www.tilsonfunds.com. May 2, 2001.