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Article: Wall Street disregards Munger's downplaying of Wesco.(News & Analysis)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 23, 2006
- Author:
CopyrightCOPYRIGHT 2006 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It's Warren Buffett's stealth presence in L.A, and like virtually everything else he touches, it's been doing remarkably well.
Pasadena-based Wesco Financial Corp., which is run by longtime Buffett business partner Charles Munger and is 80 percent owned by Berkshire Hathaway Inc., has been a star performer on Wall Street of late, with its stock price rising 26 percent in three months to a record $466 a share.
Despite this run-up and Wesco's posting of $555 million in operating revenues last year from its furniture rental, insurance and steel operations, the company has kept a very low profile. And that's just the way the straight-talking yet unassuming ...