The walt disney company

We bought 5 percent of the Walt Disney Company in 1966. It cost us four million dollars. Eighty million bucks was the valuation of the whole thing…. There were no residual values placed on the value of any Disney picture up through the ’60s. So [you got all of this] for eighty million bucks, and you got Walt Disney to work for you. It was incredible…. And the reason was, in 1966 people said, “Well, Mary Poppins is terrific this year, but they’re not going to have another Mary Poppins next year, so the earnings will be down.” I don’t care if the earnings are down like that. You know you’ve still got Mary Poppins to throw out in seven more years, assuming kids squawk a little. I mean there’s no better system than to have something where, essentially, you get a new crop every seven years and you get to charge more each time.