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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (28221)	9/24/2007 11:54:29 PM
From: Mark Marcellus	Read Replies (1) of 78751

From Whitney Tilson's notes: It’s been very awkward in my position. The truth of the matter is that Berkshire is a better business operation by far. First of all, the guy there [Buffett] is 76. The momentums are way better. That advantage of Berkshire has increased. We would have long ago avoided this duplication except for people like you. You bid Wesco so high that we’d be giving more than we’d be getting if we merged Wesco into Berkshire. So people like you are responsible... The entity that should be thinking about this is Wesco. It has a lot of capital, capital gains taxes are at all-time low, and we don’t have the same prospects as Berkshire, but you cult members make that hard to do because you keep bidding up its shares above intrinsic value. Anyone who wants to leave can sell above intrinsic value. Those of you holding the stock hope we can create more than $1 of value [with each dollar of our retained earnings], and I’m hopeful we can do this, though we won’t do as well as Berkshire. designs.valueinvestorinsight.com

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