"It is assumed by many business school graduates," Charlie Munger writes in the 1989 Wesco Financial Annual report, "and by almost all consultants, that a corporation can easily improve its outcome by purchasing unrelated or tenuously related businesses... Our experience, both actual and vicarious, makes us less optimistic about easy solutions through business acquisition."
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Charlie Munger was the CEO and chairman of Wesco from 1984 to 2011, when...
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