WSC: Wesco Financial Corp. Message Board

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Non-Tech : WSC: Wesco Financial Corp.

WSC 20.43

0.0%

Jan 27 3:59 PM EST

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To: Gold Panner who wrote (3)	7/2/2001 7:25:15 PM
From: 249443	Read Replies (1) of 12

"What do you mean by the last part of your statement about the company's structure not telling the whole story?" Hello GP, WSC is structured like brk.a/b. It has investments due to its insurance component. One year may have a significant amount of capital gains due to its investments, and the next year lower earnings due to fewer capital gains. The key to valuing WSC and BRK.a/b is to look at management, intrinsic value, and the "cost of money" that the companies derive from its insurance operations -- and the net gains from the investments due to this "free" money. In my opinion, the P/E is irrelevant in evaluating WSC or brk.a/b.

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