Finally, Wesco Aircraft (NYSE:WAIR) (-37% YTD) was a top detractor for the calendar year to date. Execution woes continue to plague the aerospace parts distributor, leading to another disappointing quarter of results and stock performance. Wesco’s current struggles are frustrating, but we don’t believe permanent, and we’ve opted to use the stock’s volatility to lower our average cost by purchasing new shares and harvesting tax losses though sales of higher-cost lots.
From Wallace Weitz (Trades, Portfolio)'s Partners III Fund third-quarter 2017 shareholder commentary.
