Wesco Financial Corporation is a diversified financial corporation headquartered in Pasadena, California

Pasadena, California

Pasadena is a city in Los Angeles County, California, United States. Although famous for hosting the annual Rose Bowl football game and Tournament of Roses Parade, Pasadena is the home to many scientific and cultural institutions, including the California Institute of Technology , the Jet...

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Wesco was originally a savings and loan association

Savings and loan association

A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...

. It is 80.1% owned by Blue Chip Stamps

Blue Chip Stamps

Blue Chip Stamps started as a trading stamps company called "Blue Chip Stamp Co." They were a competitor to S&H Green Stamps. Blue Chip stamps was a loyalty program for customers, similar to discount cards issued by pharmacies and grocery stores in the digital era...

, which is wholly owned by Berkshire Hathaway

Berkshire Hathaway

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...

, which is controlled by legendary investor Warren Buffett

Warren Buffett

Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...

. Wesco is chaired by Charlie Munger

Charlie Munger

Charles Thomas Munger is an American business magnate, lawyer, investor, and philanthropist. He is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by Warren Buffett; in that capacity, Buffett describes Munger as "my partner." Munger is also the...

, who is also vice-chairman of Berkshire Hathaway and Buffett's partner. Munger, formerly a practicing attorney

Lawyer

A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...

, is known for his straight-shooting style and his conduct at the annual Wesco shareholder meetings in Pasadena, where he often interacts with the outside investors at considerable length.

Wesco Financial is sort of like Berkshire Hathaway Lite. Charlie Munger, Berkshire vice chairman and a confidante of Warren Buffett, leads Wesco. And like Berkshire, the investment firm provides insurance and reinsurance; in Wesco's case, it does so through subsidiaries Wesco-Financial Insurance Company and Kansas Bankers Surety. It also holds shares in some of the same companies as Berkshire, like Coca-Cola, Kraft, Procter & Gamble, and Wells Fargo. Other prominent holdings include CORT Business Services and Precision Steel Warehouse, which has steel service centers in Chicago and Charlotte, North Carolina. In 2011 Berkshire Hathaway acquired the 20% of Wesco that it didn't already own.

Wesco does business in three major categories; insurance, furniture rental, and steel service. The following wholly owned subsidiaries handle most of Wesco's business:

• Wesco-Financial Insurance
• Kansas Bankers Surety
  Kansas Bankers Surety Company
  Kansas Bankers Surety Company is an insurance company based in the United States. It is a subsidiary of Wesco Financial Corporation, a subsidiary of Berkshire Hathaway, the investment vehicle of Warren Buffett....
  
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• CORT Business Services Corporation, furniture rental.
• Precision Steel Warehouse, Inc., a chain of steel service centers.
• MS Property Company, which owns commercial real estate in Pasadena.