“It seemed like a good idea at the time”

Oh, I just love this story told by Charlie Munger at 2002 shareholders meeting of Wesco: "[Our investment in] USG obviously hasn't worked out very well. It wasn't just asbestos -- the market for wallboard went to hell. We missed that too. What can I say? It reminds me of a story about a man… Continue reading “It seemed like a good idea at the time”