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.

Adam

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