Berkshire's Munger says investors should lower expectations

At Berkshire meetings, Buffett does most of the talking while Munger answers most questions, often with a pointed remark that cuts to the heart of what Buffett just spend 10 minutes explaining.

But sometimes he offers only "I have nothing more to add" after one of Buffett's more long-winded responses.

Munger didn't envision the Wesco meeting becoming much of an event until some members of the crowd started to look familiar.

"These Berkshire groupies started flying in from all over the world," he said. "And you naturally feel an obligation when people fly in from all over the world to give them what they want, which is conversation about the current business scene and investment process and so on and so on."

On Saturday, about 31,000 Berkshire shareholders filled the Qwest Center Omaha for that meeting. About 1,000 people came to Pasadena for the Wesco meeting and a chance to hear Munger alone.

"It's really a rare treat hearing a mind like that operate for a number of hours," said investment fund manager Whitney Tilson, who regularly attends both meetings.

Wesco shares gained $5 to close, or 1.2 percent, at $430 Wednesday. Berkshire's Class A shares lost $1,800, or 1.4 percent, to close at $128,400.

Wesco includes a reinsurance division, Kansas Bankers Surety Company, which offers specialized insurance to banks; CORT Business Services, which rents furniture to companies; Precision Steel, which buys scrap metal, cuts it to order and resells it.

In 2007, Wesco generated about $109 million profit for Berkshire.

Wesco is one of Berkshire's more than 60 subsidiaries that range from insurance to clothing, furniture, and candy companies, restaurants, natural gas and corporate jet firms. Berkshire also has major investments in such companies as Coca-Cola Co., Anheuser-Busch Cos. and Wells Fargo & Co.