Warren Buffett: Brands and retailers

“There will be a battle, always, between brands and retailers, because the retailer would like his name to be the brand. And, to the extent that people trust Costco or Walmart more than they — or as much as — they trust the brand, then the value of having the brand moves over to the retailer from the product itself.”

—Warren Buffett (2001 Berkshire Hathaway Annual Meeting).