Blue Chip Stamps Shareholder Letter, 1978

1. Leaving proven managers alone

   “We greatly admire See's business methods, which have not been changed in any significant way in the seven years of our ownership. Our main managerial contribution has been to leave See's alone as its proven executives pursued its proven policies.”

2. Competitors seeking protection in the courts

   “We purchased a newspaper subject not only to the normal hazards of business competition but also to the hazards of the modern tendency of competitors to seek protection from competition In the courts.”

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