Daily Journal AM

[melvin_182]

Hi,

 

Anybody went to the meeting to hear Munger ?

 

Thanks for sharing.

[farnamstreet]

http://boards.fool.com/daily-journal-meeting-notes-29076851.aspx

[greg39]

Anyone have any idea on how many seats the venue holds and

how many went unfilled?

 

I'm planning on going next year.

[Carvel46]

farnamstreet: What boards do you follow at fool.com? Are they RSS enabled?

[Guest]

"- never in my life have I seen more young, rich, smart people holding so much cash - like we do at the Daily Journal. It's wise. Bill Gross's "new normal" is modest lower returns. in a period of modest returns it shouldn't make any difference. Why SHOULD life be easy? People destroy themselves in good times too. "

 

I thought this one was particularly interesting.

[Munger_Disciple]

never in my life have I seen more young, rich, smart people holding so much cash - like we do at the Daily Journal. It's wise. Bill Gross's "new normal" is modest lower returns. in a period of modest returns it shouldn't make any difference. Why SHOULD life be easy? People destroy themselves in good times too.

 

I was at the meeting & this is not what Munger said. From my recollection, he said something to the effect of: Never in my life I have seen more people I respect holding so much cas.

[Munger_Disciple]

Correcting spelling:

 

 

Never in my life I have seen more people I respect holding so much cash.

[Myth465]

never in my life have I seen more young, rich, smart people holding so much cash - like we do at the Daily Journal. It's wise. Bill Gross's "new normal" is modest lower returns. in a period of modest returns it shouldn't make any difference. Why SHOULD life be easy? People destroy themselves in good times too.

 

I was at the meeting & this is not what Munger said. From my recollection, he said something to the effect of: Never in my life I have seen more people I respect holding so much cas.

 

This makes 10 times more sense and I got you pre correction  :). Its nice to have another guy here who makes spelling errors.

[Grenville]

Anyone have any idea on how many seats the venue holds and

how many went unfilled?

 

I'm planning on going next year.

 

Don't worry about seating, just GO! If you are worried about seating, just show up early.

[savant]

" - A guy pestered him about his dog-eared page. Munger said that he grew up with the tables and that they haven't changed. The guy persisted - what's the number? 10? 12? Munger shot back that "I want to know the present value of something so I use my table - it's just not complicated. A lot of people DO use complicated stuff - they're the ones who got us into trouble.""

 

FOr those of us who have never had the opportnity to go to a Wesco or DJCO meeting. What is the above referring too?

 

Thanks

 

 

[BRK7]

" - A guy pestered him about his dog-eared page. Munger said that he grew up with the tables and that they haven't changed. The guy persisted - what's the number? 10? 12? Munger shot back that "I want to know the present value of something so I use my table - it's just not complicated. A lot of people DO use complicated stuff - they're the ones who got us into trouble.""

 

FOr those of us who have never had the opportnity to go to a Wesco or DJCO meeting. What is the above referring too?

 

Thanks

 

 

 

The question was referencing Munger's use of printed compound interest tables, as opposed to using a calculator or computer.  The questioner seemed to be asking what discount rate Charlie uses when doing a "present value" calculation.  Charlie did not give a specific figure, but suggested that only simple math is needed for investment valuation. 

[Tim Eriksen]

Did anyone attend the Daily Journal annual meeting today?  If so, I for one, would love to hear what Munger had to say.