Saturday, March 28, 2015

Daily Journal 2015 Meeting Notes

I have 42 pages of detailed notes from the Daily Journal Corporation Annual Meeting (held March 25th, 2015) and led by Chairman Charlie Munger. 

While not a transcript of the event, it's the closest thing you're going to find. (These are like last years notes.)

A copy of these notes are available for a limited time for $33 (American).

Here are the things you should know before you purchase a copy of the notes:
  • There are freely available notes from the meeting floating around online. These are not nearly as detailed as mine, but they might suit your needs just fine.
  • By purchasing a copy you agree not to post it on the web or share it with friends. To this end, each copy is personally watermarked in 3 different ways.
  • There are no refunds.  
  • I will send you an email within 24-72 hours of your purchase with a PDF of the notes. 
  • These notes are intended solely for the entertainment of the reader and the author. These are a best-effort to capture the actual meeting but should not be relied upon for making any decisions. In other words they may not be 100% accurate and they are provided "as-is" without express or implied warranties of any kind. 

Still Curious? You can also purchase copies of The Daily Journal Notes for 2014 and 2013; The last Wesco Meeting; As well as transcripts of Munger's Dubridge lecture at Caltech;and Munger's 2010 Lecture at the University of Michigan.

Wednesday, September 17, 2014

Daily Journal 2014 Meeting Notes

I have 43 pages of detailed notes from the Daily Journal Corporation Annual Meeting (held September 10th, 2014) and led by Chairman Charlie Munger. 

While not a transcript of the event, it's the closest thing you're going to find. 

A copy of these notes are available for a limited time for $32 (Canadian. ~$30 American).

Here are the things you should know before you purchase a copy of the notes:
  • There are freely available notes from the meeting floating around online. These are not nearly as detailed as mine, but they might suit your needs just fine.
  • I charge for the notes to cover my travel costs to attend the event.
  • There are about 17,000 words, which is more than my 2013 notes
  • By purchasing a copy you agree not to post it on the web or share it with friends. To this end, each copy is personally watermarked in 3 different ways. I hate doing this but last year's notes were posted online. 
  • Student pricing: $9.99. Email me a scanned copy of your valid student ID and I'll tell you what to do next.
  • I will send you an email within 24-72 hours of your purchase with a PDF of the notes.
  • These notes are intended solely for the entertainment of the reader and the author. These are a best-effort to capture the actual meeting but should not be relied upon for making any decisions. In other words they may not be 100% accurate and they are provided "as-is" without express or implied warranties of any kind. 


DJCO Notes

Still curious? Try

Tuesday, June 18, 2013

Letters from Warren Buffett on Walter Schloss


Find two letters, in a single document, from Warren Buffett to “the Hilton Head Group” and “the Lantana Group”, respectively, about Walter Schloss.
The first letter is from 1976 and the second from 1994.
Still Curious? Here are some other things to read:
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Monday, May 20, 2013

Khrom Capital. Markel Notes. Office hours with Buffett, Loeb's Letter to Sony, and more!

Things you need to know.


If you're short on time, start with these.
Got a little more time? Good. Check out these goodies. 
All of this content was made available to subscribers of Mungerisms, my newsletter, last week. If you want, you can sign up for free here:
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Tuesday, May 14, 2013

Some new thoughts from Charlie Munger

I'm a huge fan of Charlie Munger.  

So when I come across some new bit of his thinking that I hadn't seen before, I gobble it up.

While researching a post for Farnam Street, I uncovered Michael Eisner's book, Working Together: Why Great Partnerships Succeed.

The book has a pretty interesting chapter on the Buffett/Munger partnership and some stuff that I'd never seen before.

Munger hated the entertainment business. 
Meanwhile, Berkshire Hathaway was the controlling shareholder in Cap Cities, and in that we made half of the deal with Disney stock, I realized quickly Berkshire would become one of our largest shareholders. That was great news for our company, but I knew Charlie hated the entertainment business. I had heard many times in conversations with him over the years in Los Angeles how he hated “the waste,” “the lack of stable management,” “the insane fees paid to talent,” and a business run by “one’s gut rather than one’s mind.”
Munger on Rails
In my conversation with Warren, he told me about one time when he called up Charlie with an idea, saying they should buy stock in the Pittsburgh and West Virginia Railway. The response was less than enthusiastic. "Well, I don't like railroads," Charlie started. "I don't like businesses with a lot of labor content. I particularly don't like when they're unionized. I don't like capital-intense businesses. I particularly don't like eastern railroads. But if you are telling me that you've researched this thing from A to Z, that you'll follow it twenty times a week and you'll keep track of it and take full responsibility for it.then I'll just shut my eyes and say no."
Munger on playing the secondary role
“That’s one of the beauties of the partnership,” says Charlie. “I am in so many activities where I am the dominant personality. Most people do not ‘fit into’ that mode—they can only operate in that mode. Yet I am particularly willing to play the secondary role. Warren’s a more able man in doing what we’re doing, so it’s the appropriate response. There are some times you should be first, some times you should be second, and some times you should be third.”
Munger on BYD
“Charlie thinks exactly like I do,” says Warren, “but he puts things through a tougher filter than I do. There are only two things he’s ever liked better than I liked that we’ve done. One was the tool company Iscar. I loved it—but when Charlie falls in love with something, forget about it. Also, there’s a deal with a Chinese car company, BYD, we did recently. I wasn’t so sure about it. Charlie tells me the Chinese guy running the company, Wang Chuanfu, is the Henry Ford of China. I’m still not jumping. Then he says he’s the Thomas Edison of China. Still no. Then, the Bill Gates of China. Nope. Then, his trump card. He’s the Warren Buffett of China!”
Improving himself
“I have always wanted to improve what I do, even if it reduces my income in any given year. And I always set aside time so I can play my own self-amusement and improvement game.”
Classic Munger
Several years ago, Charlie Munger was testifying at an arbitration hearing, and getting grilled about a recent board meeting. He claimed he didn’t recall what the lawyer was asking him about. “Mr. Munger,” the lawyer said, “you are reputed to have a very good memory. Are you really telling me you don’t remember it?” “Well,” Charlie is said t have responded, “I only listen when I’m the one talking.”