Charlie Munger

Charlie Munger on Looking For Acquisitions at Wesco Financial

"It is assumed by many business school graduates," Charlie Munger writes in the 1989 Wesco Financial Annual report, "and by almost all consultants, that a corporation can easily improve its outcome by purchasing unrelated or tenuously related businesses... Our experience, both actual and vicarious, makes us less optimistic about easy solutions through business acquisition."

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