"I had my own and I thought they were better than his," Caspers Peters said at Munger's conference. "And it worked out fine."
Berkshire has surged more than 30-fold since 1987 when it was listed on the New York Stock Exchange. Wesco advanced more than 20-fold since the end of 1983. Wesco paid dividends to shareholders, while Berkshire hasn't. Berkshire, whose Class A shares ended at $117,050 on July 1, will continue to provide growth for investors, Munger said.
"I think that people that own Berkshire stock at current prices will do quite all right just sitting on their patoots," Munger said.
Munger had a lawyer on stage at his event, whom he turned to for help understanding what a questioner said or meant to say. Munger didn't seek clarification for all his doubts, as when he told one attendee:
"I'm not sure I fully understood the question, but let me answer the question I would prefer to have been asked," Munger said. He made a few remarks about Berkshire's growth, and said, "Anyway, I think that answers the question I hope you asked."
BYD, Coca-Cola
Munger was asked to review some of Berkshire's holdings, including BYD Co., the Chinese carmaker facing a decline in sales. BYD has the ability to recover from missteps, he said.
Coca-Cola Co. was cited by Munger as one of his favorite consumer-goods companies. Even so, "it's not nearly as good a business as it was 20 years ago," he said. Berkshire is Atlanta-based Coca-Cola's biggest shareholder.
Costco, the largest U.S. warehouse-club chain, was praised by Munger, a Costco director, for its skill at cutting costs and passing savings on to customers.
"It's almost a religious duty," Munger said. "Costco is just about the most admirable capitalist enterprise that ever existed."