[65][67], Munger is a Republican and has provided his opinions on a number of political topics including the policies of the Trump administration. [40], On December 28, 2011, Munger donated 10 shares of Berkshire Hathaway Class A stock (currently valued at $481,021 per share, or $4.81 million total) to the University of Michigan. I dont know where I got that notion from, but I had it.. Both girls have accomplished careers and a solid education. Huggins and Charlie Munger had two children: Molly and Wendy Munger. Why do you drive it? The broke Munger replied: To discourage gold diggers.. READ ALSO: Lucas Bravo career earnings, salary and net worth [36][37][38][39], In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna. In addition, there is an extensive archive of articles related toBerkshire Hathaway. All paywalls on The Rational Walk have been removed. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. The Wheeler, Munger investment partnership operated from 1962 to 1975 and posted an average annual return of 24.3% vs. 6.4% for the Dow Jones Industrial Average. The Omaha connection and shared background no doubt had a role in the two hitting it off immediately and talking for hours at the dinner party. [3], He enrolled in the University of Michigan, where he studied mathematics. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! In 1972, a block of stock in Wesco Financial, the parent company of Mutual Savings and Loan, was offered to Warren Buffett and Charlie Munger at fifty percent of book value. The combination of real estate activities and his investment partnership3allowed Mr. Munger to give up the practice of law in 1965 after starting a firm that still bears his name today.4. Its a good thing that they did not walk away. "Consequently, Berkshire has been built to Charlie's blueprint. Introduction He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Would Warren Buffett have spent his life searching for cigar-butt stocks, never expanding into better business if he had not been introduced to Charlie Munger? If you choose to unsubscribe at any time, you will no longer receive any further communications of any kind. After the war, a family friend helped Mr. Munger gain admittance to Harvard Law School even though he did not have a college degree. Charlie Munger purchased his first shares in Q1 2021, then purchased more shares in Q3 and finally added another portion in Q4. Between 1984 and 2011, he was the chairman of Wesco Financial Corporation. His five sons and stepsons as well as at least one grandson graduated from the prep school. "Staying cheerful" is "a wise thing to do," Munger told Quick, adding that in order to do so, you have to let go of negative feelings. Its a good thing that they did not walk away. He maintained that treating the shares of a company like baseball cards is a losing strategy because it requires one to predict the behavior of often irrational and emotional human beings. I read this book several years ago although I have not yet written a book review. After his relocation to California with his family, he got a job at a law firm named Wright & Garrett (later Musick, Peeler & Garrett). In the decade after meeting Warren Buffett, Charlie Munger became a participant in a series of meetings with disciples of Benjamin Graham. Copyright Joshua Kennon. In addition, there is an extensive archive of articles related toBerkshire Hathaway. Warren Buffett has demonstrated how shareholders can generate income from their Berkshire shares but investor psychology can be a major impediment. In fact, he is scheduled to hold court at theDaily Journal annual meetingon February 15, 2023. Powered and implemented by Interactive Data Managed Solutions. Charlie Munger has long had a reputation as an autodidact, learning complicated subjects such as physics, biology, andpsychologyby reading widely on a subject and combining book knowledge with worldly wisdom accumulated during a long lifetime. In 1973, Wesco announced plans to merge with another savings and loan on terms that appeared to be unfavorable. In the decade after meeting Warren Buffett, Charlie Munger became a participant in a series of meetings with disciples of Benjamin Graham. A traditional midwestern upbringing during the Great Depression is a big part of Charlie Mungers life experience. Its such a simple idea. "If you cater to those gambling chips, when people have money in their pocket for the first time, and you tell them they can make 30 or 40 or 50 trades a day, and you're not charging them any commission, but you're selling their order flow or whatever, I hope we don't have more of it. : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. My goal is to eventually write one article on each of the twenty-five tendencies. The Berkshire Hathaway Corporation, of which he has been Vice-Chairman, has seen billionaire Warren Buffett as its Chairman. One cannot blame Janet Lowe for setting out to write a biography of Charlie Munger in the late 1990s. It took my attendance at the 2000 Berkshire Hathaway annual meetingto get a senseof Mr. Mungers personality, intellect, and character. Most intriguingly, Mr. Munger has been very active at Daily Journal Corporation, a company unrelated to Berkshire Hathaway that Iwrote about recently. A business model that relies on trickery is doomed to fail. If you just take the attitude that however bad it is in anyway, its always your fault and you just fix it as best you can the so-called iron prescription I think that really works.Charlie Munger. At the age of nine, Teddy died of leukaemia. Unwritten Chapters Image Source: Poor Charlie's Almanack; Photograph is of Charlie celebrating his forty-fifth wedding anniversary with his family in 2001. I suspect that both men would be very rich today, but not nearly as rich as they became due to combining their intellects and efforts over six decades. Charlie has two stepchildren in addition to her four biological children. A windowless dorm room at Michigan . [17] Meeting notes have been posted on the Futile Finance? I desperately wanted it. So to Charlie Frankel, you don't create a loan system where all the people who make the loans promptly dump them on somebody else through lies and twaddle, and they don't bear the responsibility when the loans are good or bad. Munger explained that Frankel believed: the system is responsible in proportion to the degree that the people who make the decisions bear the consequences. Our First Child, Dorian Alexander Kennon-Green, Was Born! I met the towering intellectuals in books, not in the classroom, which is natural. Recently Grew to More than $105 Million Under Management and Is Relocating to an Expanded Office at 520 Newport Center Drive in Newport Beach, California. Munger pursued a degree in meteorology at Caltech in Pasadena, California, the city which would later become his home. In 1978, he was appointed the vice-chairman of Berkshire Hathaway, where he and Buffett have worked together ever since. In 1959, Charlie Munger and Warren Buffett were introduced by mutual friends at a dinner party. Janet Lowe's access to the Munger family provided much insight into Charlie Munger's personality from the perspective of his wife, children, grandchildren, and friends. He also serves as the chairman of the Daily Journal Corporation, based in Los Angeles, California, as well as a director of Costco Wholesale Corporation. Well-managed expectations, according to Berkshire Hathaway ( BRK-A, BRK-B) Vice Chairman Charlie Munger. I had Thomas Jefferson over my bed at seven or eight. Charlie Munger, vice chairman of Berkshire Hathaway. Three rules for a career: 1) Don't sell anything you wouldn't buy yourself; 2) Don't work for anyone you don't respect and admire; and 3) Work only with people you enjoy. Discharge your duties faithfully and well. In the 2018 edition of "Poor Charlie's Almanack," a book of insight from Charlie Munger throughout his career, editor Peter Kaufman asked Munger what young people should look for in a career. Charlie Munger made headlines last year when news broke that he had designed a massive dorm building with almost no windows that could house 4,500 students. Munger states that high ethical standards are integral to his philosophy; at the 2009 Wesco Financial Corporation annual meeting he said, "Good businesses are ethical businesses. This abandoned high school was converted into a 31-unit apartment building, Munger and Berkshire Hathaway CEO Buffett agreed, 2007 University of Southern California commencement speech, Damn Right! Dies geschieht in Ihren Datenschutzeinstellungen. [46] In each case, Munger promotes key architectural concepts of his own liking, and cedes professional architectural responsibility to a licensed architect of record, e.g., Hartman-Cox Architects in the case of the dormitory at UMichigan, and the firm of VTBS for the U.C. Through entities such as Diversified Retailing, Blue Chip Stamps, and Berkshire Hathaway itself, deals were structured in ways that appeared to make the most sense at the time. Passive consumption of information is not enough to earn true wisdom. At this point, he had almost no money, lived in dreadful bachelor digs, and drove a beat up yellow Pontiac with a cheap paint job. The Rational Walk A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. A Deep Look Into Charlie Mungers Portfolio 463,973 views Oct 21, 2019 5.8K Dislike Share Cooper Academy 445K subscribers In this video we take a deep look into the portfolio of Charlie Munger. : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Mungers Psychology of Human Misjudgment. [71][72], In his 50s, after a failed eye cataract surgery that rendered his left eye blind, Munger had his left eye removed due to severe pain. There are no shortcuts. He is known for being a Entrepreneur. [6][10], In college and the Army, he developed "an important skill": card playing. He eventually achieved his dream of having a lot of money, a house full of books, and a huge family. But even with the adjustments to the original plan, the independent panel found major risks and concerns it wants the university to address. [26][27], Munger is famous for his quote "All I want to know is where I'm going to die, so I'll never go there." [4] The couple also donated to the Polytechnic School in Pasadena and the Los Angeles YMCA. Munger's meetings were nearly as legendary in the investment community as those he co-hosts with Buffett in Omaha. What started as an informal partnership was cemented into a formal role at Berkshire that continues to this day. 13F filings can be a minefield. In 1972, the Buffett and Munger duo acquired Sees Candies for $25 million, the largest purchase the two had ever collaborated on and the most expensive relative to book value.5Both men acknowledge that if the price tag had been even $100,000 higher, they would have walked away from the deal! Santa Barbara residence hall. website, but no updates exist beyond 2011. Other specializations are energy generation and distribution and retailing. By reducing confidence in the platform, advertisers may reduce or eliminate their spending. He studied mathematics at the University of Michigan. And they're so trite.". Tagged on: Berkshire HathawayCharlie MungerWarren Buffett Kaufman, Peter (2005, 2006 for the second edition and 2008 for the third edition). Janet Lowe would be the ideal person to write such a biography but sadly shepassed awayin 2019. One suchexemplaris Berkshire Hathaway Vice Chairman Charlie Munger who turns ninety-nine years old today. Many readers familiar with Charlie Munger will find the chapters on worldly wisdom and psychology to be familiar ground, but this book presents this material in a concise and approachable manner that can be read in a short period of time. Their three children were Wendy, Molly, and Teddy. He also has kinship to the current royal family through connections to Queen Elizabeth II, Princess Diana, and Catherine Middleton. All Rights Reserved. He then partnered with Jack Wheeler to form Wheeler, Munger, and Company, an investment firm with a seat on the Pacific Coast Stock Exchange. My Amazon history says that I purchased a copy in December 2000 and I remember that it left an impression.1However, this was before I got over my aversion to writing in books so I do not have any notes of my thoughts. [1] His father, Alfred Case Munger, was a lawyer. That is, on the relatively few occasions when he had something to add to Mr. Buffetts commentary. 27 Copy quote. [68] Munger states he is "not a normal Republican", for example advocating "medicare for all" as a fix to the U.S. healthcare system, saying "I think we should have Don't miss: The best credit cards for building credit. Ireviewedthe book in 2015. Charlie Munger goes off on crypto, says China made the right decision when they banned it BY Kylie Logan December 3, 2021, 6:25 PM UTC For all the recent buzz surrounding crypto investment,. Franklin has been Charlie Mungers lifelong hero and I suspect that Franklins determination to move on after the death of his son provided inspiration. Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. After working with Buffett for more than 40 years, Munger still respects and admires him. He says one of the qualities he admires the most about Buffett is his ability to be a "lifelong learning machine." The final piece of the puzzle was put into place in June 1983 when Blue Chips minority shareholders agreed to exchange each share of Blue Chip for 0.077 of a share of Berkshire Hathaway. Among the firms marquee list of clients is Berkshire Hathaway. According to Buffett, Munger is his partner. Although Charlie Munger often minimizes his role in leading Warren Buffett away from cigar butt investing and toward commitments to high quality companies, the truth is that Mr. Mungers role is simply undeniable. This is an outstanding book that explains the multi-disciplinary mindset expressed in Charlie Mungers speeches and writings, several of which are presented in its illustrated pages. "You stay cheerful in spite of your troubles. Charlie Munger: The Complete Investorby Tren Griffin. If it didnt, he says, he doesnt know how the human race could continue. I was first introduced to Charlie Munger in the pages of Roger Lowensteinsbiography of Warren Buffett which I read shortly after it was published in 1995. Mungers Psychology of Human Misjudgment. Weve Chosen Carol Benson-Cobb Works for Kennon-Green & Co. Nintendos Metroid Dread Blows Out Franchise Sales Figures. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his closest partner and right-hand man. He used this in his approach to business. 6, has never met her in person and didn't know anything about her family history. If you don't see . The biography had atransformational effecton my life but the focus of the book was not on Charlie Munger. Ironically, this effort to be fair to Wesco shareholders raised alarms at the SEC that something nefarious was taking place. Like Warren, I had a considerable passion to get rich. Both Nancy and Wendy Munger served as members of the Stanford board of trustees. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. You should never, when facing some unbelievable tragedy, let one tragedy increase to two or three through your failure of will. After the war, a family friend helped Mr. Munger gain admittance to Harvard Law School even though he did not have a college degree. The story of Sees Candiesis legendary not just because it was a lollapalooza investment but because it is thought of as a turning point in the history of Berkshire Hathaway. The panel cited the risk of COVID-19 transmission and other illnesses, safer evacuation routes, and less of a psychological strain on students linked to living in rooms without natural air or sunlight as a few issues that factored into their recommendations. in 1948. The donation went toward construction of a residence building designed by Munger for visitors of the Kavli Institute in an effort to bring together physicists to exchange ideas as Munger stated,"to talk to one another, create new stuff, cross-fertilize ideas". Some historically significant kin include William Ellery (signer of the Declaration of Independence), Julia (Ward) Howe (author of The Battle Hymn of the Republic), Robert Townsend (American Revolution spy), and Clara Barton (Founder of the American Red Cross). With a current net worth of $1.8 billion, Munger, 95, is a source of wisdom in business and investing, and he has some tips for young people just beginning their careers and starting their lives. Charlie Munger tackled a slew of subjects during Daily Journal's annual meeting on Wednesday. He did it. Sees Candies He had $1,500 in savings, equal to $13,570 now. The eye condition has since receded and he still has sight in his right eye.[73]. Charlie Munger had the chance to buy into Tesla at a $200 million valuation in 2008, Musk said. Charlie Munger has long had a reputation as an autodidact, learning complicated subjects such as physics, biology, andpsychologyby reading widely on a subject and combining book knowledge with worldly wisdom accumulated during a long lifetime. Munger said he was "intimately familiar with university housing," because of his experience with his children and grandchildren, . Although he was well established in law, this was well before elite lawyers earned four figure hourly rates. [51] The Munger family gave a major gift to Stanford's Green Library to fund the restoration of the Bing Wing as well as the construction of a rotunda on the library's second floor, and endowed the Munger Chair in Nancy and Charles Munger Professorship of Business at Stanford Law School. 2. These are some of the labels being levied on Munger Hall, a planned dormitory at the University of California, Santa Barbara. Psychological and social factors serve as complications for investors seeking to invest in declining companies, often referred to as "cigar butts". My goal is to eventually write one article on each of the twenty-five tendencies. Whenever you think that some situation or some person is ruining your life, its actually you who are ruining your life. Ironically, this effort to be fair to Wesco shareholders raised alarms at the SEC that something nefarious was taking place. By 1953, he had three children and was going through a divorce. (The hostess gave the party and the tendency is to reciprocate; you say you like certain products during the party so purchasing would be consistent with views you've committed to; other people are buying, which is the social proof.) Thoughts on Business, Politics, and Life from a Private Investor. Also, the well-known investor Charlie Munger and long-time friend of Warren Buffet attracted a lot of attention with his vehement purchases of Alibaba shares. Offers may be subject to change without notice. Public policy graduate student Luiza Macedo didn't see the sun for a full week when she had to isolate in her room at Munger Residence due to a Covid-19 scare. Although not known for extravagance, the Munger family has long enjoyed reuniting for summer vacations at a family compound at Star Island which is situated in a lake in northern Minnesota. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! [2] His grandfather was Thomas Charles Munger, a U.S. district court judge and state representative. Recently, I realized thatDamn Right! He later quit law and ventured into real estate development. Feeling like a victim is a perfectly disastrous way to go through life. I was then 28 and he was 35. A summary of checklists in the appendix is also useful. This led to an unpleasant investigation of the tangled web of ownership between Berkshire, Diversified Retailing, Blue Chip, and Wesco that was eventually settled for $115,000. Although not known for extravagance, the Munger family has long enjoyed reuniting for summer vacations at a family compound at Star Island which is situated in a lake in northern Minnesota. No email addresses or any other subscriber information is ever sold or provided to third parties. Weight, Hair color However, the dean relented after a call from Roscoe Pound, the former dean of Harvard Law and a Munger family friend. In addition, he served as Chairman of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco in 2011. Charlie Munger moved back to Omaha during 1959 and was soon introduced to Warren Buffett. In 1999, Mr. Buffett noted that Sees Candies had earned a cumulative $857 million pre-tax since its 1972 acquisition while requiring very little incremental capital investment.6In 2011, Sees had sales of $376 million and $83 million of pre-tax profit.7 A Division of NBC Universal. Dan Sickles, a 33-year-old New York-based filmmaker who purchased an NFT of Buffett's painting Opal Moon No. However, after many years, the web of ownership interests became extremely complex and this resulted in trouble with the Securities and Exchange Commission in 1974. Its a fair bet that your present troubles pale in comparison. However, the team said that modifications to the design based on feedback represent a meaningful challenge and will require thoughtful consideration.. At age 76, Charlie Munger looks back on those years and notes that time takes some of the pain out of losing a child. The two immediately became friends. [4] He then gave up the practice of law to concentrate on managing investments and later partnered with Otis Booth in real estate development. Prior to joining Berkshire Hathaway, Munger first worked as a lawyer "with his time billed at $15 per hour," Buffett notes in the shareholder letter and also as an architect. Many readers familiar with Charlie Munger will find the chapters on worldly wisdom and psychology to be familiar ground, but this book presents this material in a concise and approachable manner that can be read in a short period of time. The next year, Mr. Mungers son, Teddy, was diagnosed with leukemia, a disease that had no treatment at the time. American entrepreneur best known as the Vice-Chairman of the Berkshire Hathaway Corporation and one . That is, on the relatively few occasions when he had something to add to Mr. Buffetts commentary. He is probably best known as the Vice-Chairman of Berkshire Hathaway Corporation and the business partner of Warren Buffett. Munger grew up in Omaha, Nebraska, as did his investing partner (Buffett's birthplace explains his nickname, the "Oracle of Omaha"), and worked in Buffett's grandfather's grocery store, as did Buffett himself. Start over. A block of stock accounting for 8% of Wesco was purchased by Blue Chip for $2 million. I cant remember when I first read Ben Franklin. Those include: adding operable windows to each multi-bedroom suite and as many bedrooms as possible, increasing the size of single bedrooms to match their current size of other singles within the universitys existing housing, and reducing the building mass and population density. Franklin has been Charlie Mungers lifelong hero and I suspect that Franklins determination to move on after the death of his son provided inspiration. By the time he was 69 years old, he had become one of the richest 400 people in the world, been married to his second wife for 35+ years, had eight wonderful children, countless grandchildren, and become one of the most respected business thinkers in history. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. [19], In multiple speeches, and in the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, "worldly wisdom" consists of a set of mental models framed as a latticework to help solve critical business problems. After all, Mr. Munger was in his mid 70s at the time and most everyone assumed that the bulk of his career was in the past. [16], Wesco is based in Pasadena, California, Munger's adopted hometown. After completing five projects, Mr. Munger had $1.4 million as a result of real estate activities by the late 1960s. Poor Charlies Almanack. Young Charlie had a reputation for being a star student, but he could be challenging for teachers to deal with due to his fierce independence. This page was last edited on 16 February 2023, at 08:55. Charlie Munger was married to his first wife, Nancy Huggins, from 1945 to 1953. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices An independent panel of UCSB faculty experts, outside stakeholders, and industry leaders reviewed and discussed the proposed plan for five months before delivering their recommendations this week. That was not to be for too long though. Later in life, he faced a horrific operation that left him blind in one eye with pain so terrible that he eventually had his eye removed. Charlie Munger is a major donor to the University of Michigan, his former school. In 2009, Munger donated eight shares of Berkshire Hathaway Class A stock, worth nearly $800,000, to Harvard-Westlake. An experiment. These questions are difficult to answer. They had four children: Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger, and Philip R. Munger. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna (A.B. Not because I wanted Ferraris I wanted the independence. In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock, then valued at $43.5 million, to Stanford to build a graduate student housing complex. Headquartered in Pasadena, it was active in three primary categories: insurance, furniture rental, and steel service. Fortune was not able to immediately reach Munger for comment. The Rational Walk is now available either on this website or on Substack where readers can subscribe for free to receive articles via email. In 1999, Mr. Buffett noted that Sees Candies had earned a cumulative $857 million pre-tax since its 1972 acquisition while requiring very little incremental capital investment.6In 2011, Sees had sales of $376 million and $83 million of pre-tax profit.7. Since Wesco meetings ended, the Daily Journal annual meeting has grown in importance, as investors flock to the meeting to listen to him speak at length. His desire to arrange financial affairs so as to never go back to go has depression-era roots.2 I suspect that both men would be very rich today, but not nearly as rich as they became due to combining their intellects and efforts over six decades. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. In 1972, a block of stock in Wesco Financial, the parent company of Mutual Savings and Loan, was offered to Warren Buffett and Charlie Munger at fifty percent of book value. Thereafter, it was subsumed into a group of retail companies and its results were no longer disclosed granularly in Berkshires reporting, although some figures have been published elsewhere (see footnote 10 below). As a professional working for clients, Mr. Mungers income was correlated with his personal expenditure of time and he sought sources of income and wealth that could compound more rapidly. After decades of strict family planning policies, including its one-child policy, which started in 1980 and lasted 35 years, China is now trying to stave off a demographic crisis marked by too. Thereafter, it was subsumed into a group of retail companies and its results were no longer disclosed granularly in Berkshires reporting, although some figures have been published elsewhere (see footnote 10 below). When the merger was defeated, Wesco shares fell and Blue Chip moved to acquire control. As a professional working for clients, Mr. Mungers income was correlated with his personal expenditure of time and he sought sources of income and wealth that could compound more rapidly. At the time, the combined assets of both firms was just $1.6 billion. Some thoughts on Berkshire Hathaway's long term future twelve years after writing a comprehensive report on the company. At 31 years old, Charlie Munger was divorced, broke, and burying his 9 year old son, who had died from cancer. However, readers ofDamn Right! Buffett gives Munger credit for much of the success of Berkshire Hathaway. Janet Lowes access to the Munger family provided much insight into Charlie Mungers personality from the perspective of his wife, children, grandchildren, and friends. . He attributes their success to Buffett's ability to learn. The 11-story, 1.68-million-square-foot building, made up of eight-person living units, would house 4,500 students, 94 percent of whom would not have windows in their compact single-occupancy bedrooms. Notably, Munger announced a donation of $200 million to the school in 2016. Shortly after the divorce, Charlie learned that his son, Teddy, had leukemia. All Rights Reserved. Billionaire investor Charlie Munger still isn't a fan of cryptocurrency. Today, he is worth billions of dollars. The chapters of Charlie Mungers life in the 2000s, 2010s, and 2020s deserve to be documented in a new biography. The world is full of foolish gamblers, and they will not do as well as the patient investor. That was certainly true of Sees Candies at the time and proved to be even more true as time went on. The prep school for 8 % of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco 2011. Planned dormitory at the age of nine, Teddy, was Born age of nine, died... 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