The Inoculated Investor’s Value Investing Congress Meeting Notes

The Inoculated Investor’s Value Investing Congress Meeting Notes

The Value Investing Congress took place in Pasadena, California last week. The Congress is a major event in the value investing community and featured many well known speakers including Paul Sonkin, Bruce Berkowitz, Mohnish Pabrai, Tom Russo, Whitney Tilson, and many others. Fund managers discuss macro viewpoints as well as specific actionable investment ideas. Read this post for a link to meeting notes from The Inoculated Investor.

Munger Comments on Potential for Wesco to Become Wholly Owned by Berkshire

Munger Comments on Potential for Wesco to Become Wholly Owned by Berkshire

Wesco Financial Corporation held its 2010 annual meeting in Pasadena, California on May 5. Wesco Financial is a 80.1 percent owned subsidiary of Berkshire Hathaway. While the Berkshire Hathaway annual meeting attracted approximately 37,000 attendees on May 1, the Wesco meeting is a much lower key event. The main attraction is the opportunity to listen to Charlie Munger’s views on business, the economy, and a variety of other topics. Read this article for some details regarding Mr. Munger’s comments on Wesco and Berkshire’s valuation.

Wesco’s CORT and Precision Steel Units Were “Hammered” in 2009

Wesco’s CORT and Precision Steel Units Were “Hammered” in 2009

Charlie Munger’s annual letter to shareholders of Wesco Financial Corporation was published last week. Wesco Financial is a publicly traded company that is 80 percent owned by Berkshire Hathaway. Charlie Munger is Berkshire Hathaway’s longtime Vice Chairman and also serves as Chairman and President of Wesco Financial. Mr. Munger’s annual letter does not attract nearly as much attention as Warren Buffett’s letter to Berkshire shareholders but nonetheless provides notable insights worthy of extended discussion. Read this article for more details.

Wesco Financial Posts Q1 2009 Results

Wesco reported net income per share of $2.80 for the quarter compared with $2.91 per share in the first quarter of 2008. Results were impacted by weakness in the CORT furniture rental business and Precision Steel’s industrial business, which was partially offset by improved underwriting results at Wesco’s insurance businesses. Wesco’s balance sheet continues to show significant liquidity and little use of debt. Shareholder’s equity per share decreased to $297.44 at March 31, 2009 from $333.96 a year earlier mainly due to declines in the fair value of Wesco’s investment portfolio. Let’s briefly examine the results from Wesco’s three reporting segments.

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