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Wesco Financial Corp

BUSINESS
May 6, 1997
Companies with highest ratios of market value to annual sales. A high "price-to-sales ratio" usually denotes a company that is expected to show explosive growth. *--* 4/18/97 1996 Price/ mkt. value revenue sales Rank Company (millions) (millions) ratio 1 Affymetrix Inc. $570 $12 48% 2 Yahoo Inc. 844 27 31 3 Redwood Trust Inc. 482 16 31 4 Advanced Tissue Sciences 408 17 24 5 Protein Design Labs Inc. 520 23 23 6 Gilead Sciences Inc. 689 33 21 7 Pixar Animation Studios 662 38 17 8 CNET Inc.
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BUSINESS
March 7, 2011 | Bloomberg News
Warren Buffett said shareholders of his Berkshire Hathaway Inc. may have their financial interests harmed by the company's planned stock-and-cash deal to take a 100% stake in Pasadena-based Wesco Financial Corp. Using Berkshire stock would dilute investors' holdings in exchange for more ownership in a firm that may have less growth potential, Buffett told Wesco Director Carolyn Carlburg in a Jan. 21 letter published Monday in a Berkshire regulatory filing. Berkshire, the top investor in Kraft Foods Inc., last year opposed the food maker's plan to issue shares for an acquisition, saying the stock was "very expensive currency.
BUSINESS
July 1, 2011 | By Tom Petruno, Los Angeles Times
The aging star met with his adoring fans for the last time Friday and basically told them to get a life. "I don't want to be better known than this," Charlie Munger, billionaire Warren Buffett's investing partner for the last 46 years, told an audience of several hundred devotees at the Pasadena Convention Center. Besides, he added with his trademark genial cantankerousness, "You people aren't normal. " Munger, 87, is vice chairman of Buffett's Berkshire Hathaway Inc. holding company.
BUSINESS
May 5, 2003 | From Times Wire Services
Warren Buffett, the billionaire investor, Sunday called the $1.4-billion settlement between regulators and 10 securities firms accused of publishing misleading stock research "a step in the right direction" because it sheds light on abuses on Wall Street. "It tells the firms that somebody is watching them," he told reporters. "Big shots don't like to be on the front pages of the papers." The settlement, which alleged that Citigroup Inc., Credit Suisse First Boston, Merrill Lynch & Co.
BUSINESS
May 17, 2009 | Kathy M. Kristof
About an hour before Charlie Munger, the Oracle of Pasadena, is set to speak, the pilgrims start filling a ballroom at the Pasadena Civic Center. I am one of them. As I settle in, I meet Imelda McCarthy, retired and "a bit over 21," who is here from Dublin, Ireland, and attending with her 34-year-old son, Darrach, who lives in West Los Angeles. Bush Helzberg, an investment manager, flew in with his wife from Kansas City, Mo.
BUSINESS
August 27, 1991 | MICHAEL PARRISH, TIMES STAFF WRITER
The Salomon Bros. scandal has brought unaccustomed attention to the small, snooty and deservedly prestigious Los Angeles law firm of Munger, Tolles & Olson. Billionaire investor Warren E. Buffett, now directing repairs at the wounded Wall Street firm, announced Sunday that he had recruited Robert Denham as the new general counsel for Salomon. Denham has been managing partner of Munger Tolles, founded in 1962 by seven lawyers, including current U.S. Trade Representative Carla Anderson Hills.
BUSINESS
April 30, 1991 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
The fortunes of United Television during the past few years have glittered as brightly as a klieg light, although the recession has thrown the dimmer switch in recent months. The Beverly Hills-based television station operator climbed into the No. 2 position on the 1990 Times 100 list. On the previous year's roster, a ranking by average two-year return on equity, United Television ranked fifth.
BUSINESS
January 1, 2007 | Kathy M. Kristof, Times Staff Writer
With an annual salary of $100,000, Charles T. Munger is hardly your typical big-company chief executive. But he doesn't exactly need the money. A founder of the Los Angeles law firm Munger, Tolles & Olson, Munger gave up practicing law in 1965 to focus on managing his investments. In 1978, he teamed up with fellow Omaha native Warren E. Buffett to run holding company Berkshire Hathaway Inc. The results are the stuff of business legend, and Munger's Berkshire Hathaway shares are valued at $1.
BUSINESS
August 22, 1997 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Wells Fargo & Co. shares plummeted as much as 6% Thursday on news reports--apparently erroneous--that the bank's largest shareholder, billionaire Warren E. Buffett, had unloaded his 7-million-share stake. The Wells plunge added to nervousness on Wall Street, where the Dow Jones industrial average dropped 127 points after three straight days of 100-point gains. It also gave dramatic testimony to how closely investors follow Buffett and his Omaha-based flagship, Berkshire Hathaway Inc.
BUSINESS
June 2, 2002 | KATHY M. KRISTOF, TIMES STAFF WRITER
Two years of layoffs, sagging profits and falling stock prices took a toll on executive pay at big Southland companies last year, a sign that at some firms pay-for-performance plans finally are doing what they're designed to do--cut executive compensation when times are bad. More than a third of the chief executives included in a compensation study of 100 large Southern California-based companies took a cut in their cash pay last year; 10 received no increase in salary or bonus.
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