Thursday, April 8, 2010

Wesco Annual Meeting

The Wesco 2010 Annual Meeting is a month away or so. As we approach that meeting, I will be posting some of Charlie Munger's comments made at the meeting in prior years.

Berkshire's investment in POSCO
I would argue that what POSCO does is not a commodity business at all – it's a high-tech business. They learned from Nippon Steel and they’re now even more advanced. I'd argue that if you have the most technologically advanced steel company in the world making unusual, [non-commodity] stuff, then business can be quite attractive for a long time.

Should USG [a Berkshire holding] have issued stock to fund a recent acquisition?
I'm hesitating because I'm trying to decide whether to duck that question or give the correct answer. [Laughter]
That was a foolish thing to do, but they can't help it: some of them went to business school. [Laughter and applause]

The above comments are from Whitney Tilson's notes taken at the 2007 meeting.


This site does not provide investing recommendations as that comes down to individual circumstances. Instead, it is for generalized informational, educational, and entertainment purposes. Visitors should always do their own research and consult, as needed, with a financial adviser that's familiar with the individual circumstances before making any investment decisions. Bottom line: The opinions found here should never be considered specific individualized investment advice and never a recommendation to buy or sell anything.