Charlie Munger, the vice-chairman of Berkshire Hathaway and Buffett's business partner, was CEO and chairman of Wesco from 1984 to 2011.

Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the now discontinued Wesco shareholder meetings in Pasadena, where he used to interact with the outside investors at considerable length.

[8] Wesco Financial was previously likened to a miniature version of Berkshire Hathaway by certain observers, although Buffett and Munger cautioned investors that this was not an appropriate comparison.

It also held shares in some of the same companies as Berkshire, like Coca-Cola, Kraft Foods, Procter & Gamble, and Wells Fargo.

Wesco did business in three major categories; insurance, furniture rental, and steel service.