WES - what's next?, page-52

True enough WD. However, as hard as it is to take, if you really love a company and want to buy more of it, you should want it to go on sale (i.e; its share price drop below intrinsic value).

The Wesfarmers system and culture of management renewal by bringing on energised, capable and honest managers who understand that it is the shareholders' company, has proved to be its long term secret sauce. They have never grown complacent and they have continued to evolve making what have been largely good capital allocation decisions. They have made some bad decisions along the way (e.g. BUKI) where hubris and arrogance might have got the better of them. That said, having the culture of confidence and courage to make bold capital allocation decisions can be mistaken for hubris when things don't turn out.