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

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]
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Wesco Annual Meeting
Wesco Annual Meeting
Reviewed by jembe
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