Invert – 2nd quarter, 2017
Jul 12, 2017
By Tye Bousada, portfolio manager
About 15 years ago, a friend of mine suggested I attend the Wesco Financial Annual Meeting with him in Pasadena, California. At the time, the Chairman of the Board was Charlie Munger. The opportunity to listen to Mr. Munger answer questions about business, investing and life in general was the main reason most people attended. Charlie Munger was at the time, and continues to be, Warren Buffett’s partner at Berkshire Hathaway. Buffett has credited Munger with making him a much better investor over the years. Specifically, Munger helped him shift his investment strategy from buying deeply depressed, low-quality companies and instead turn his focus to higher-quality companies with defendable “moats” or barriers to entry.