Thursday, July 21, 2011

Final Wesco Meeting: More from Charlie Munger

One final post on things of note that Charlie Munger had to say at what was effectively the final Wesco Financial annual meeting.

Wesco is no longer publicly traded after Berkshire Hathaway (BRK-A) acquired the remaining shares of the company last month.

On Financiers
"To the extent that all I've done is pick stocks that have gone up, and sat on my ass as my family got richer, I haven't left much contribution to society. I guess it's a lot like Wall Street. The difference is, I feel ashamed of it. I try to make up for it with philanthropy and meetings like this one today. This meeting is not out of kindness. This is atonement."

On Banks
"Wells Fargo (NYSE: WFC) and US Bancorp (NYSE: USB) avoid stupidity better than most. And Wells admits that it had its head up its ass when it made some of its mortgage loans. They know it wasn't their finest moment. I'm comfortable with people like that."

On Humility
"I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn."

Always entertaining, insightful, and blunt.

Charlie Munger has had a loyal following of shareholders come to this meeting for years so he decided to hold one last conference and pay for it himself.

Check out the full article.


Long BRKb, WFC, and USB

Related posts:
Charlie Munger on Accountants & High Speed Traders
Final Wesco Meeting: A Morning With Charlie Munger
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