Investing’s about taking the rough with the smooth. But for Wesfarmers shareholders, the past five years have been as serene as a mountain lake on a calm day. With just a hint of pride, outgoing chairman Bob Every noted in this year’s annual report that the company’s total shareholder return had been 11.5% a year over the past five. You’d have to be happy with that.
Wesfarmers remains an above-average business, as well as one we’d love to own. The fact that Every has handed over the chairman’s baton to former managing director Michael Chaney is unequivocally positive too. More on that later.