Charlie Munger At The 2018 Daily Journal Corporation AGM

It’s been a while since I posted anything on Seeking Alpha. I was due. The post is part of my California trip. More posts on the subject will come later. Here’s the part of my trip at that concerns Charlie Munger.

The article is available on Seeking Alpha. They have exclusive rights. Here’s a preview:


Charlie Munger At The 2018 Daily Journal Corporation AGM

Reposted from Seeking Alpha
From Brian Langis

Summary

  • Charlie Munger did a two-hour Q&A. He answered questions on a variety of topics.
  • DJCO is a cult stock. It’s not in an attractive business, but the company has gained a following with Munger as its Chairman.
  • In 2009, DJCO invested its excess cash in a portfolio of securities that has gained in value. This portfolio of securities and dividend provides a cushion to DJCO.
  • DJCO is not a mini Berkshire Hathaway.

*I was in LA for the DJCO AGM. If you are reading this article for an advance analysis on DJCO, you won’t really find it. This article is about the AGM and Charlie Munger.

I recently attended the annual shareholder meeting of Daily Journal Corp. (DJCO) in Los Angeles. I am not a shareholder in DJCO, and I don’t plan to be one anytime soon. But I wouldn’t overlook the company either. I will explain later. So, why attend? The main reason for attending a DJCO AGM is not for its results or the company itself, but for the opportunity to hear Charlie Munger’s wisdom in his Q&A segment, who is the chairman of DJCO. Also, part of the reason for attending is the DJCO meeting reveals itself as a community gathering of fun, fellowship, and learning. There are dinners, lunches, and social gatherings related to investing. It’s great to see familiar faces and to meet new people. Ideas are generated and exchanged. You learn a lot. Attending these investment events is a way for me to regenerate myself. It’s like adding wood to a fire. It fuels the core of why I do this for a living. I can’t wait to get back to my desk. Value investing is a lone wolf business. You spend a lot of time in your bubble. Sometimes, you can drift, so it’s good to re-center yourself. Like the Berkshire Hathaway (BRK.A) AGM, the DJCO one offers a great experience for any serious investors on a much smaller scale.

I consider Charlie Munger one of the greatest minds alive today. He’s a genius on several topics. He is known for his application of what he calls mental models to help assess the risks and opportunities (know the big ideas in the big disciplines and use them routinely – all of them. Not just a few). Charlie Munger is 94 years old. He might look like he’s 94, but his brain is not. It is as sharp as ever. There’s something incredible about listening to a 94-year-old talk live. It’s similar to going to church or going to see your favorite band live. You know what they are going to say or sing, but hearing it live is a totally different experience.

There are plenty of notes online about the DJCO AGM. The content of my notes is not much different from what you might read elsewhere. This is just my version. Fellow SA author Mike Arnold has his take on the event here. An advantage of publishing on SA is the large amount of users on the platform and the comment section that can add to the conversation.

This article is split in two. The first segment is about DJCO. If you are DJCO shareholder and you care about the business, you probably know everything I’m about to cover. I don’t have special insights on the business. If you don’t care about the DJCO business like most of the people that attended the AGM, then feel free to skip to the second portion, the one that covers Munger’s two hour Q&A session.

 

For the rest of the article click visit Seeking Alpha here.

 

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