💬 [E6867] Wesco's subsidiaries demonstrated severe cyclical vulnerability during the Great Recession: CORT Business Services saw 20% revenue decline in 2009 and shifted from profit to loss, while Precision Steel volumes collapsed from 69 million lbs in 1999 to 37 million lbs in 2008, facing both secular and cyclical headwinds. Insurance operations remained stable with float growing from $164M to $264M (2008-2009).

💬 [E6864] Munger sharply criticizes predatory consumer lending practices, condemning banks that deliberately target customers who 'can't handle credit' with multiple credit cards at 36% interest rates. He warns that pushing consumer credit to extremes turns people into 'serfs' and creates systemic instability, stating 'I know how countries got ahead, and it wasn't by pushing consumer credit to its extreme.'

🔴 [E6865] Munger condemns banks' predatory lending practices of targeting vulnerable customers with high-interest credit products, calling it morally wrong and systemically dangerous. He explicitly states he doesn't 'admire the guys who are good at acquiring the serfs,' suggesting banks pursuing aggressive consumer credit strategies face moral and regulatory risk.

💬 [E6866] Munger explicitly states Berkshire Hathaway is a better investment than Wesco Financial, saying Wesco 'sells too high because you people are cultists.' He advises he would buy Berkshire if investing today, highlighting the importance of avoiding overpaying for secondary vehicles when a superior parent entity is available at better relative value.

💬 [E6868] BYD is listed among primary entities in Munger's Wesco/Berkshire investment universe during the 2009-2011 period, indicating Munger's engagement with Chinese equity opportunities through this specific vehicle, consistent with his well-known advocacy for BYD as an investment.