I had the pleasure of attending Wesco Financial's (WSC) annual meeting in early May. The main attraction, of course, was Wesco chairman and Berkshire Hathaway (BRK.B) vice chairman Charlie Munger. Although Munger is sometimes obscured by the long shadow of his more famous partner, Warren Buffett, his contributions to the philosophy of value investing cannot be overstated. Buffett never hesitates to say that without Munger's influence, Berkshire may have never purchased great growth businesses like See's Candy or Coca-Cola (KO)
We also owe much of what we do at Morningstar GrowthInvestor, the monthly newsletter that I edit, to Munger's thinking, so the annual meeting was a superb opportunity to learn at the foot of the master. Here are some of his nuggets of wisdom.