126 mentions across the corpus · positive 13 · negative 1 · neutral 111 · historical 1
Daily Journal Annual Meeting 2016 — Munger Q&A
“Well of course we owned Wesco for a long time. What's interesting about both Blue Chimp Stamps, which controlled Wesco, and Wesco is that they eventually were some of the most successful investments”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“The question after Wesco was bought by Berkshire Hathaway (BRK) was who was going to pay for the event today.”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Wesco's market cap has grown from $20 million to $2 billion under current management, a "failure" compared to Berkshire but pretty good”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Welcome to the 2009 annual meeting of Wesco Financial. Directors please stand.”
Wesco Financial Annual Letter 2009
“Consolidated net "operating" income (i.e., before realized investment gains shown in the table below) for the calendar year 2009 decreased to $54,073,000”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“What will be long term consequences of crisis for Wesco? CM: Almost nothing. We are rich and well financed.”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Wesco sells too high because you people are cultists. If I were buying today, I'd buy Berkshire. That is the place the entrepreneurs want to join.”
Wesco Financial Annual Letter 2009
“CORT has made several "tuck-in" acquisitions since its purchase by Wesco; most recently, the residential furniture rental division of Aaron Rents, Inc.”
Wesco Financial Annual Letter 2009
“All that now remains outside Wes-FIC but within Wesco as a consequence of Wesco's former involvement with Mutual Savings”
Wesco Financial Annual Letter 2009
“Wesco has unusual balance sheet strength, concentrated in security holdings of its insurance subsidiaries”
Wesco Financial Annual Letter 2008
“Consolidated net "operating" income (i.e., before realized investment gains shown in the table below) for the calendar year 2008 decreased to $77,562,000”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Welcome to the 49th annual meeting of shareholders of Wesco Corp”
Wesco Financial Annual Letter 2008
“pools managed by an insurance subsidiary of Berkshire Hathaway, Wesco's 80%-owning”
Wesco Financial Annual Letter 2008
“we make no attempt to appraise relative attractiveness for investment of Wesco versus Berkshire Hathaway stock at present stock-market quotations.”
Wesco Financial Annual Letter 2007
“Consolidated net "operating" income (i.e., before realized investment gains shown in the table below) for the calendar year 2007 increased to $93,405,000 ($13.12 per share)”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We would have long ago avoided this duplication except for people like you. You bid Wesco so high”
Wesco Financial Annual Letter 2007
“All that now remains outside Wes-FIC but within Wesco as a consequence of Wesco's former involvement with Mutual Savings”
Wesco Financial Annual Letter 2007
“deferred income taxes of $322 million, subtracted in determining its net worth. This interest-free "loan" from the government is at this moment working for Wesco shareholders”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The entity that should be thinking about this is Wesco. It has a lot of capital, capital gains taxes are at all-time low”
Wesco Financial Annual Letter 2007
“we make no attempt to appraise relative attractiveness for investment of Wesco versus Berkshire Hathaway stock at present stock-market quotations.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“there are 7,119,807 shares of Wesco outstanding, and commented: "That has not changed since I was first affiliated"”
Wesco Financial Annual Letter 2006
“Consolidated net "operating" income (i.e., before realized investment gains shown in the table below) for the calendar year 2006 increased to $92,033,000”
Wesco Financial Annual Letter 2006
“When Wesco paid $386 million for CORT, about 60% of the purchase price was attributable to goodwill”
Wesco Financial Annual Letter 2006
“Wesco's shares were listed for many years on both the American Stock Exchange and, since 1963, on a regional exchange”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I think Berkshire and Wesco, in their meetings, attract a very good class of money managers”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Why Doesn't Berkshire Just Buy 100% of Wesco? It's complicated. You people, because you like the value system, have bid the price of Wesco above the liquidating value”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“how we're adapting at Berkshire Hathaway and Wesco, and how you might face these challenges”
“Berkshire Hathaway and Wesco Financial Annual Meetings By Whitney Tilson”
Wesco Financial Annual Letter 2005
“Consolidated net "operating" income (i.e., before realized investment gains shown in the table below) for the calendar year 2005 increased to $77,973,000”
“remarks he has made at past Berkshire Hathaway and Wesco Financial annual meetings”
Wesco Financial Annual Letter 2005
“Kansas Bankers was purchased by Wes-FIC in 1996 for approximately $80 million in cash.”
Wesco Financial Annual Letter 2005
“we make no attempt to appraise relative attractiveness for investment of Wesco versus Berkshire Hathaway stock at present stock-market quotations”
Wesco Financial Annual Letter 2005
“the government is at this moment working for Wesco shareholders and amounted to about $36 per Wesco share at yearend 2005”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Notes from 2005 Wesco Financial Annual Meeting, Part Two May 4, 2005”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Take Wesco. Every once in a while we get surprised by something – maybe once a decade.”
“Highlights from Recent Berkshire Hathaway and Wesco Financial Annual Meetings By Whitney Tilson”
“he is the chairman of Wesco Financial, a holding company with a structure similar to Berkshire's, which owns 80.1 percent”
“Berkshire Hathaway and Wesco will accumulate cash every year, and we have a structure that gives us enormous flexibility.”
“We like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value.”
“The future returns of Berkshire and Wesco won't be as good in the future as they have been in the past.”
“Berkshire and Wesco are full of cash that we don't know what to do with. Wesco is drowning in cash.”
Wesco Financial Annual Letter 2004
“Consolidated net "operating" income (i.e., before realized investment gains shown in the table below) for the calendar year 2004 increased to $47,427,000”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Long ago, every S&L [Savings & Loan like Wesco] had big, luxurious offices built”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The Wesco meeting of course gets the hard-core nutcases. [Laughter]”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire and Wesco are full of cash that we don't know what do with.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I spoke with Wesco's auditor from Deloitte, who was on stage with Munger at the meeting”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“There will never be a Wesco Corporation annual meeting movie.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I'd argue that's the board we have at Berkshire and to a lesser extent at Wesco.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“chair of a major legal newspaper corporation and also Wesco Financial Corporation”
Wesco Financial Annual Letter 2003
“Consolidated net "operating" income (i.e., before realized securities gains shown in the table below) for the calendar year 2003 decreased to $39,958,000”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“How many different things has Wesco done since Blue Chip Stamps? [A major acquisition that Wesco made under Munger and Buffett's leadership in the 1970s.]”
Wesco Financial Annual Letter 2003
“it contributed $2.4 million and $13.1 million to Wesco's consolidated operating income for 2002 and 2001.”
Wesco Financial Annual Letter 2003
“When Wesco paid $386 million for CORT, about 60% of the purchase price was attributable to goodwill”
Wesco Financial Annual Letter 2003
“All that now remains outside Wes-FIC but within Wesco as a consequence of Wesco's former involvement with Mutual Savings”
Wesco Financial Annual Letter 2002
“Consolidated net income for the calendar year 2002 was $52,718,000 ($7.40 per share), essentially the same as $52,536,000”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Notes from the 2002 Wesco annual meeting, 5/8/02”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“there would be more opportunity to buy back Wesco and Berkshire shares”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We don't like our stocks [Berkshire and Wesco] to get too high -- only deservedly high”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Wesco's business has come up some in the past year or two”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Wesco's insurance operations are decent, but small”
Wesco Financial Annual Letter 2002
“CORT contributed $2.4 million and $13.1 million to Wesco's consolidated operating income for 2002 and 2001”
Wesco Financial Annual Letter 2002
“Wesco paid $386 million for CORT, about 60% of the purchase price was attributable to goodwill”
Wesco Financial Annual Letter 2002
“All that now remains outside Wes-FIC but within Wesco as a consequence of Wesco's former involvement with Mutual Savings”
Wesco Financial Annual Letter 2002
“working for Wesco shareholders and amounted to about $28 per Wesco share at yearend 2002.”
Wesco Financial Annual Letter 2002
“All that said, we make no attempt to appraise relative attractiveness for investment of Wesco versus Berkshire Hathaway stock at present stock-market quotations.”
Wesco Financial Annual Letter 2002
“Wesco shareholders most with respect to 2002 is that, as in 2001, Wesco found no new common stocks for our insurance companies to buy.”
Wesco Financial Annual Letter 2002
“The Board of Directors recently increased Wesco's regular dividend from 32 1/2 cents per share to 331/2 cents per share”
Wesco Financial Annual Letter 2001
“Consolidated net "operating" income (i.e., before realized securities gains shown in the table below) for the calendar year 2001 decreased to $52,536,000”
Wesco Financial Annual Letter 2001
“In February 2000, Wesco purchased CORT Business Services Corporation for $386 million in cash.”
Wesco Financial Annual Letter 2001
“All that now remains outside Wes-FIC but within Wesco as a consequence of Wesco's former involvement with Mutual Savings”
Wesco Financial Annual Letter 2001
“value of Wesco's consolidated real estate holdings (where interesting potential now lies almost entirely in Wesco's equity in its office property in Pasadena”
Wesco Financial Annual Letter 2000
“Consolidated net "operating" income (i.e., before realized securities gains shown in the table below) for the calendar year 2000 increased to $70,087,000”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Wesco Financial's (AMEX: WSC) annual meeting, where Munger, the company's long-time Chairman, took questions”
Wesco Financial Annual Letter 2000
“Wesco-Financial Insurance Company ("Wes-FIC") Consolidated operating earnings of Wes-FIC and KBS”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Both Berkshire Hathaway and Wesco write amazingly low amounts of insurance relative to our surplus.”
Wesco Financial Annual Letter 2000
“Wes-FIC remains a very strong insurance company, with very low costs, and, one way or another, in the future as in the past, we expect to continue to find and seize at least a few sensible insurance o”
Wesco Financial Annual Letter 2000
“In February 2000, Wesco purchased CORT Business Services Corporation ("CORT") for $386 million in cash.”
Wesco Financial Annual Letter 2000
“Those shares, carried on Wesco's balance sheet at yearend 1999 at a market value of $1.4 billion, were sold in 2000, giving rise to the principal portion of the $852.4 million”
Wesco Financial Annual Letter 2000
“equally-good-but-smaller version of Berkshire Hathaway, better because its small size makes growth easier. Instead, each dollar of book value at Wesco”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“The Wesco annual meeting in Pasadena, California is more of a free investment seminar held in a classroom for 200 students.”
Wesco Financial Annual Letter 1999
“Consolidated "normal" net operating income (i.e., before irregularly occurring items shown in the table below) for the calendar year 1999 increased to $45,904,000”
Wesco Financial Annual Letter 1999
“Wesco paid $384 million for $46 million in pre-tax earnings. About 60% of the purchase price was attributable to goodwill”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“after the Wesco Financial annual meeting that may rank higher than learning from one of the best minds in the investment business”
Wesco Financial Annual Letter 1999
“Wesco's net worth decreased, as accountants compute it under their conventions, to $1.90 billion ($266 per Wesco share) at yearend 1999”
Wesco Financial Annual Letter 1999
“$286-per-share figure for intrinsic per share value of Wesco stock should be compared with the $245 per share price at which Wesco stock was selling on December 31, 1999”
Wesco Financial Annual Letter 1998
“WESCO FINANCIAL CORPORATION LETTER TO SHAREHOLDERS To Our Shareholders: Consolidated "normal" net operating income”
Wesco Financial Annual Letter 1998
“Wesco-Financial Insurance Company ("Wes-FIC") Wes-FIC's normal net income for 1998 was $34,654,000”
Wesco Financial Annual Letter 1998
“Wesco shareholders should continue to realize that super-cat reinsurance is not for the faint of heart”
Wesco Financial Annual Letter 1998
“Wesco's equity in its office property in Pasadena...Wesco's shareholders have no perpetual advantage...Wesco's intrinsic value per share”
Wesco Financial Annual Letter 1998
“making it hard for Wesco to find attractive opportunities, we do not believe that such opportunities will never come.”
Wesco Financial Annual Letter 1998
“appraise relative attractiveness for investment of Wesco versus Berkshire Hathaway stock at present stock-market quotations.”
Wesco Financial Annual Letter 1998
“On January 13, 1999 Wesco increased its regular dividend from 28½ cents per share to 29½ cents per share”
Afternoon Session - 1997 Meeting
“As the chairman of Westcoe, I have always delighted in saying that we have way less human value in the executive staff than Berkshire Hathaway does.”
Afternoon Session - 1997 Meeting
“Well, if you could buy Westco today at $20 a share, you should buy all you can.”
Afternoon Session - 1997 Meeting
“Berkshire can do them and Westco can't. But there's nothing, I don't think there's anything significantly superior”
Wesco Financial Annual Letter 1997
“Consolidated "normal" net operating income (i.e., before irregularly occurring items shown in the table below) for the calendar year 1997 increased to $38,262,000”
Wesco Financial Annual Letter 1997
“if the value of the advantage from the interest-free tax-deferral "loan" present was $25 per Wesco share at yearend 1997”
1996 Berkshire Hathaway Shareholder Letter
“we placed KBS with Wesco, our 80%-owned subsidiary, which has wanted to expand its insurance operations”
Morning Session - 1994 Meeting
“what about the annual report for Westco Financial that I know it used to be in the annual report for Berkshire”
Morning Session - 1994 Meeting
“In your most recent letter to shareholders in Wesco's annual report, you calculated the intrinsic value of Westco at about $100 per share”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“WESCO FINANCIAL'S CHARLIE MUNGER”
1991 Berkshire Hathaway Shareholder Letter
“Charlie's annual letter to Wesco shareholders is not reprinted in this report...get a copy of the Wesco report.”
Resignation of Mutual Savings from US League of Savings Institutions (1989)
“Mutual Savings is a subsiduary of Wesco Financial Corporation, listed ASE, and Berkshire Hathaway Inc.”
1988 Berkshire Hathaway Shareholder Letter
“various assets and debts of the Wesco and Berkshire parent companies”
1988 Berkshire Hathaway Shareholder Letter
“For information on Wesco's businesses, I urge you to read Charlie Munger's letter, which starts on page 52.”
1985 Berkshire Hathaway Shareholder Letter
“passed along to Wesco-Financial Insurance Company ("Wes-FIC"), a new company organized by our 80%-owned subsidiary, Wesco Financial Corporation”
Blue Chip Stamps Annual Letter 1982
“Both Mutual Savings and Precision Steel are owned by Blue Chip Stamps through 80% control of Wesco Financial Corporation, a public company with shares traded on the American Stock Exchange.”
Blue Chip Stamps Annual Letter 1982
“security holdings exist temporarily, primarily in Wesco Financial Corporation, pending their disposition to provide funds”
1982 Berkshire Hathaway Shareholder Letter
“At Berkshire, or any company whose policies we determine (including Blue Chip and Wesco), we will issue shares only if our owners receive”
Blue Chip Stamps Annual Letter 1981
“ending for at least a year or two the important cash flow shown in the immediately preceding table. However, the income and cash-flow effects of a portfolio restructuring at Mutual Savings, after part”
Blue Chip Stamps Annual Letter 1981
“Mutual Savings and Precision Steel are owned by Blue Chip Stamps through 80% control of Wesco Financial Corporation, a public company with shares traded on the American Stock Exchange.”
1981 Berkshire Hathaway Shareholder Letter
“Berkshire owns about 60% of Blue Chip Stamps which, in turn, owns 80% of Wesco Financial Corporation.”
1981 Berkshire Hathaway Shareholder Letter
“Wesco Financial - Parent .. 4,495 2,916 2,145 1,392 1,590 1,044”
1980 Berkshire Hathaway Shareholder Letter
“for example, Wesco Financial, controlled by Berkshire but only 48% owned - are included via”
1980 Berkshire Hathaway Shareholder Letter
“Berkshire owns about 60% of Blue Chip Stamps, which in turn owns 80% of Wesco Financial Corporation.”
Blue Chip Stamps Annual Letter 1980
“The remaining security holdings exist temporarily, primarily in Wesco Financial Corporation, pending their disposition to provide funds for use in buying additional businesses.”
Blue Chip Stamps Annual Letter 1979
“our 80%-owned Wesco Financial Corporation subsidiary. Both of these subsidiaries are wholly owned”
1979 Berkshire Hathaway Shareholder Letter
“to Mrs. Bette Deckard for Wesco Financial Corporation, 315 East Colorado Boulevard, Pasadena, California 91109”
Blue Chip Stamps Annual Letter 1979
“representing 12-year 10 1/8% notes sold in a public issue by our 80%-owned Wesco Financial Corporation subsidiary to pay for the Precision Steel acquisition”
1978 Berkshire Hathaway Shareholder Letter
“owns 80% of Wesco Financial Corporation. Thus, Berkshire's equity in Wesco's earnings is about 46%.”
Blue Chip Stamps Annual Letter 1978
“Our equity in net income of our subsidiary, Wesco Financial Corporation (80% owned) increased to $7,417,000, a new record”
1978 Berkshire Hathaway Shareholder Letter
“Wesco Financial Corporation - Parent .... 1,771 2,006”
1978 Berkshire Hathaway Shareholder Letter
“Blue Chip and Wesco are public companies with reporting requirements of their own. Later in this report we are reproducing the narrative reports”
1978 Berkshire Hathaway Shareholder Letter
“like Gene Abegg, 81, at Illinois National and Louie Vincenti, 73, at Wesco, continues daily to bring an almost passionately proprietary attitude”
Blue Chip Stamps Annual Letter 1977
“Almost equal to See's in our earnings picture last year was our equity in net income of our subsidiary, Wesco Financial Corporation (80% owned).”
1977 Berkshire Hathaway Shareholder Letter
“Wesco Financial Corp., an 80% owned subsidiary of Blue Chip Stamps, managed by Louis Vincenti, and See's Candies, a 99% owned subsidiary, managed by Chuck Huggins, made good progress in 1977.”