Costco

Longtime Costco veteran Craig Jelinek (CEO since 2012) and founder/Chairman Jim Sinegal have maintained a consistent, member-first corporate culture. Management is known for frugal operations and high employee morale. These traits suggest alignment with shareholder interests in the long run.

Jelinek has resisted profit-maximizing gymnastics – a disciplined approach Buffett admires. We view the management team as competent and shareholder-friendly but “average” in the owner-CEO sense.