They are two seperate companies.Wesco was a savings and loan that Berkshire acquired 80% of and in the process got into trouble with the SEC.Munger is the CEO of Wesco, but has said in the past that Buffett makes all capital allocation decisions. When there is a wholly-owned acquisition that is smaller in size, Buffett will allow Wesco to buy it instead of Berkshire.Wesco resigned from the savings and loan business in a famous open letter from Munger. Now, they are involved in insurance, but I do not believe they write their own. Berkshire writes insurance policies and gives a percentage to Wesco for a fee.The dividend policy is set by the former owner and minority shareholder.For all intents and purposes, it is a part of Berkshire. When the minority shareholder passes, I would imagine that Berkshire will acquire her shares and fold all of Wesco into Berkshire.Wesco itself is not much of an investment since the businesses they own are subpar compared to the businesses that Berkshire owns. The main benefit that a publically held Wesco offers the world is that it puts Munger on the stage once a year to hold court.
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