<ul><li>Charlie Munger, former board member of Costco, advised the company to 'stick to their knitting'.</li><li>Munger believed that Costco should continue doing what they have always done, maintaining their values and principles.</li><li>According to Hamilton James, the chairman of Costco, Munger's advice was clear and he would remind them that staying on the right path was the right thing for the long term.</li><li>Costco has followed Munger's advice by maintaining their $1.50 food court hot dog and soda combo since 1985 and focusing on offering quality products at great prices.</li></ul>

Why famed investor Charlie Munger once told Costco it's important to 'stick to our knitting'

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