Daily Journal Corporation – Detailed 2013 Annual Meeting Notes
On February 6, 2013, the Annual Meeting of Shareholders of Daily Journal Corporation was held in Los Angeles, CA. At this meeting, Charlie Munger shared his thoughts on the prospects for the Daily Journal’s business segments, as well as his thoughts on:
- The role of news in society
- The technological disruption that has taken place in the news business.
- The success Daily Journal had with buying public notice rags ahead of the foreclosure boom.
- Opportunities, difficulties, and master planning
- Competition erupting in two business duopolies
- Legal challenges to the rating agencies
- Daily Journal’s portfolio & investments over the last few years.
- Various innovations, competition, trade-offs, and acquisition strategy
- Management incentives in the software business
- History of world governments
- Management incentives and associated outcomes
- Current market highs
- Differences between money management today and in the 1960s
- One of his investment failures (Bell Rich Oil)
- BYD (This part was especially interesting because Li Lu – the man who got Charlie Munger into BYD was present at the annual meeting and spoke about BYD’s prospects).
- Leverage, risk-taking, fiduciary responsibility, and not dwelling on regrets.
- Berkshire’s investments in the newspaper industry as of late
- The manufacturing industry in the U.S. and internationally
- Politics and taxes in California
- Certain book recommendations
- Quantitative Easing (QE) and government support of the markets
- The future of retail
- Investment philosophy, and
- Pricing power
Continue here to read the Daily Journal Corporation Annual Meeting Notes.