Daily Journal Meeting Notes

I have 29 pages of detailed notes from the Daily Journal Corporation Annual Meeting (held Feb 6th, 2013) 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 $20.

What you should know before you purchase a copy of the notes. 
  • Some notes of the meeting are available online. If you want the gist of what happened, skip these and try Google.
  • These notes are for hard-core Munger fanatics who couldn't make it to the meeting but want the next best thing. 
  • ~14,500 words 
  • I've made the price point something that everyone can afford.
  • By purchasing a copy you agree not to share it or post it on the web. 
  • I will send you an email with your personal copy within 24 hours of receiving your order.
  • This is 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.

Transcript: A Conversation with Charlie Munger 2008 DuBridge lecture at Caltech

I've transcribed the 2008 Charlie Munger DuBridge lecture at Caltech. For those of you who've seen it, this is vintage Charlie during the peak of the financial crisis.

A copy of the transcript is available for $25 (Canadian).

What you should know before you purchase a copy of the transcript.
  • The lecture is available in video format for free. 
  • The transcript is about 13,000 words (or about 27 single spaced pages). 
    • I'm sure it has a few mistakes.  
  • I've made the price point something that everyone can afford. 
  • By purchasing a copy you agree not to share it or post it on the web. 
    • The PDF does not allow copying-and-pasting and contains a light, personalized, watermark.
  • I will send you an email with your personal copy within 24 hours of receiving your order. 
  • The content of the transcript is intended solely for the entertainment of the reader.


Other transcripts available:

Warren and Charlie and the chocolate factory

Charlie and I went to his dining room, where, with my recorder on, we began talking immediately about See's Candies, the brand he convinced Buffett to buy in 1972 for $25 million. The first thing immediately apparent about Munger is that in business and beyond, he knows everyone and remembers everything. At each turn he is able to recall specific and obscure anecdotes about buyouts and bankruptcies that relate in some way to the subject at hand. He talked about when Hershey's (HSY) first tried to expand into Canada. He waxed about Kodak ("People think the whole thing failed, but they forget that Kodak didn't really go broke, because Eastman Chemical did survive as a prosperous company and they spun that off") and about P&G ("Procter & Gamble, they just make a fortune on some of the body products. Some of these brands, I mean, if you can make something that actually improves the skin, wow. That's the last thing people will give up"). He may not possess the obvious, gleeful sense of humor of Buffett, but Munger has the ability to make you laugh even as he's discussing something completely dry and practical.

As the same man who had led me into the house served up breakfast (scrambled eggs, home fries, and delicious bacon), Munger talked about the strengths of See's over the years. In his estimation, it has made all the right decisions, both before Berkshire got there and since. "There are a lot of boxed chocolate companies; it's an old human desire," he said. "People like those little pieces." But See's worked hard, he said, to prevent cannibalizing its own stores, and has always had a cautious nature that helped it succeed in the long run. "And of course," he added, "We haven't basically touched it at all." He pointed out the significance of See's as a gift item. "Who wants to give a gift that announces 'I'm a cheap ... ' You know."
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