June 10 (Bloomberg) -- Charles Munger, chief executive officer of Wesco Financial Corp., has set a July 1 session to continue his annual tradition of taking investor questions as his business partner Warren Buffett seeks full control of the company.
The “Morning With Charlie” replaces Munger’s usual appearance at Wesco investor meetings and will be in Pasadena, California. Buffett’s Berkshire Hathaway Inc., where Munger, 87, is vice chairman, has agreed to buy the 20 percent of Wesco it doesn’t already own in a deal that requires shareholder approval. Wesco wouldn’t need annual meetings if its minority shareholders approve the Berkshire deal on June 24.
“Charlie will make some opening remarks, and then he will take questions from the audience about business, economics and life,” Wesco said today in a statement on its website.
Munger won a cult following among investors for his economic insights and direct matter of delivering his views. He responded to a question about Greece at Berkshire’s annual meeting in April by saying the nation had been hobbled by an inadequate work ethic and the unwillingness to pay sufficient taxes.
The question-and-answer session will take place whether shareholders of Wesco approve or reject the sale, according to the statement. Pasadena-based Wesco sells insurance, rents furniture and stores steel.
--Editors: Dan Kraut, Dan Reichl
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