Subscribe Wesco Annual Meeting Notes 2007
posted by MR WAVETHEORY at 9/17/2007 08:14:00 AMWhitney Tilson took notes at the Wesco Annual Meeting this year - 2007. Charlie Munger, who is Warren Buffett's partner, talked about various investing themes. One of the shareholders of Wesco Financial (AMEX WSC) asked an interesting question, "Is the China stock market a bubble?" Charlie Munger responded as follows.
Note the annual shareholders meeting happened on May 9, 2007 which is about 4 months ago - and subsequently the China stock market has gone up even higher! It just goes to show that bubbles can go on much longer than you expect them to - until they've proven everyone wrong!
Is the Chinese stock market a bubble?
The Chinese market is divided into two parts: Shanghai and Hong Kong. The Shanghai market shows some signs of gross excess and I have no interest in what’s traded there given prices at present. But there are other parts of the Chinese market that are at least interesting. We don’t comment on individual securities for obvious reasons.
Note the annual shareholders meeting happened on May 9, 2007 which is about 4 months ago - and subsequently the China stock market has gone up even higher! It just goes to show that bubbles can go on much longer than you expect them to - until they've proven everyone wrong!
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