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Wesco Financial (Shareholders Letter)


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We repeat our standard warning. Business and human quality in place at Wesco

continues to be not nearly as good, all factors considered, as that in place at Berkshire

Hathaway. Wesco is not an equally-good-but-smaller version of Berkshire Hathaway, better

because its small size makes growth easier. Instead, each dollar of book value at Wesco

continues plainly to provide much less intrinsic value than a similar dollar of book value at

Berkshire Hathaway. Moreover, the quality disparity in book value’s intrinsic merits has, in

recent years, continued to widen in favor of Berkshire Hathaway.

Anyone here like Wesco? It looks outrageously expensive to me.

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