Whitney Tilson’s 2007 Wesco Annual Meeting Notes

Value Investing News has a link to Whitney Tilson’s 2007 Wesco annual meeting notes (pdf). They make for good reading. Charile Munger is Chairman of Wesco.

Some selected quotes from the meeting are below:

If you really want a lot of wisdom, it’s better to concentrate decisions and process in one person.

I talked to a leading person in the accounting field and said it didn’t make sense to let companies mark weird stuff to their own models – that it would lead to disaster. She looked at me like I was out of my mind and asked, “Aren’t you for the most current data in accounting? My system is more current and therefore should be better.” This mind would score highly on an IQ test, but is scarcely able to throw out the garbage.

If you’re really wise and fortunate, you get to be like Berkshire. We have high opportunity costs. We always have something we like and can buy more of, so that’s what we compare everything to.

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