Some highlights from Charlie Munger at the Daily Journal Corporation 2018 meeting - stay tuned for more including audio/video etc shortly. Below is a brief synopsis on every topic from Berkshire Hathaway, to Bitcoin, to the Wells Fargo scandal/s, to Corporate Governance, to capital allocation ideas, Ben Graham and much more.
Also see Munger's full book list here
See the full notes, transcript, video and audio here
[munger]
[buffett]
the fintwit attendees at $DJCO should do a team picture w Munger while he's still doing these meetings #djco https://t.co/1oUjRQLqbn
— Barbarian Capital (@BarbarianCap) February 14, 2018
Munger says the fairest fee structure in the world is the Buffett Partnership formula and that Buffett got it from Graham
Munger asks @MohnishPabrai to stand up and be recognized as a good example for copying Buffett’s fee structure$DJCO
— The Charlieton (@TheCharlieton) February 14, 2018
Although many people speculate on who might be the "next Warren Buffett", I've never heard similar questions about who might be the "next Charlie Munger". That's because it is perfectly obvious to everyone that there will never be another Charlie Munger. $DJCO
— The Rational Walk (@rationalwalk) February 14, 2018
Munger tells a good joke; room explodes in laughter. Funniest part is watching his self-satisfied smile.
He’s walking with a cane, but his mind hasn’t lost its stride. His reading, learning, thinking, curosity, and engagement with the world remains an inspiration. $DJCO
— Ed Borgato (@EdBorgato) February 14, 2018
“If they made me CEO of a company with a million employees and said ‘change the culture Charlie’ I would regard that as a sentence to hell.
I think it would be hard to change the culture of a restaurant”
Charlie Munger$DJCO
— The Charlieton (@TheCharlieton) February 14, 2018
“It’s a real pleasure to earn the trust of your customers slowly over time by doing what’s right”
Charlie Munger, $DJCO
— The Charlieton (@TheCharlieton) February 14, 2018
Munger: Macro economics is a very peculiar subject... it doesn’t work like physics where the same rules over the decades will apply. $DJCO
— Ed Borgato (@EdBorgato) February 14, 2018
Munger on future of oil: “it’s a weird subject... eventually it will get harder to get and will get more expensive. We will need it for a long time.”
Maintains his position to use other country’s oil and preserve what we could produce. Acknowledges 99% of peeps disagree. $DJCO
— Ed Borgato (@EdBorgato) February 14, 2018
.@mungerisms: "You won't do as well as Berkshire did over the next 50 years doing what we did." $DJCO
— Mike Arnold (@indievestments) February 14, 2018
$DJCO overflow room! Charlie's on stage. pic.twitter.com/ofo2I5wzuc
— Tobias Carlisle (@Greenbackd) February 14, 2018
Munger on #banking: 'Temptations to do something stupid in banking are way greater than most businesses' .... Banking is a dangerous place to invest. There are a few exceptions. Berkshire tried to pick a few exceptions. $DJCO
— Julia La Roche (@SallyPancakes) February 14, 2018
Charlie Munger urges regulators to ease off Wells Fargo, blasts bitcoin https://t.co/LGt1EMeW8E
— Jennifer Ablan (@jennablan) February 14, 2018
Berkshire's Charlie Munger on Wells Fargo's mistake from CNBC.
Charlie Munger says "Bitcoin is noxious poison" https://t.co/7s62d892wS pic.twitter.com/CkxjXIvMlF
— Bloomberg Markets (@markets) February 14, 2018
JUST IN: Berkshire Hathaway's Charlie Munger says it's time for regulators to 'let up' on Wells Fargo, predicts bank will end up 'better off' for having made mistakes $WFC $BRKa pic.twitter.com/rnXNUYOVdJ
— Reuters Business (@ReutersBiz) February 14, 2018
Charlie Munger just said regulators should “ease up” on Wells Fargo after they admitted to fraud & corruption.
He then said “Bitcoin is noxious poison” & “totally asinine.”
This is the nonsense driving so many intelligent technologists to build a future free from corruption.
— Pomp ? (@APompliano) February 14, 2018
“It’s a real pleasure to earn the trust of your customers slowly over time by doing what’s right”
Charlie Munger, $DJCO
— The Charlieton (@TheCharlieton) February 14, 2018
“My whole system of life is keeping at it.
The task of life is not to see clearly in the distance but to do the task at hand”
Charlie Munger, $DJCO
— The Charlieton (@TheCharlieton) February 14, 2018
Charlie Munger: Rising medical costs in the US are 'evil' https://t.co/pLN32ctBS3 by @SallyPancakes pic.twitter.com/Ydg4R6R5bh
— Yahoo Finance (@YahooFinance) February 14, 2018
Today, fintwit will read, like, and retweet a lot of Charlie Munger quotes that make obvious good sense. Tomorrow, it will all be forgotten by 90%+ and business will go on as usual.
— The Rational Walk (@rationalwalk) February 14, 2018
"Avoid extremely intense ideology because it ruins your mind" - Charlie Munger
— Preston Pysh (@PrestonPysh) February 6, 2018
