Zach With Munger

[Parsad]

One of our boardmembers had a chance to have his photo taken with Charlie at the Daily Journal AGM.  Apparently, Charlie was just sitting off by himself eating some lunch.  For you hardcore cultists, he was eating a salad and a cookie!  Cheers!

 

[Click photo to enlarge...unfortunately could not rotate the picture in photoshop]

[Guest]

if you go to the AGM, is it pretty easy to get Charlie's autograph?

[Mephistopheles]

One of our boardmembers had a chance to have his photo taken with Charlie at the Daily Journal AGM.  Apparently, Charlie was just sitting off by himself eating some lunch.  For you hardcore cultists, he was eating a salad and a cookie!  Cheers!

 

[Click photo to enlarge...unfortunately could not rotate the picture in photoshop]

 

Interesting, that is the exact same lunch I had today!

[Parsad]

if you go to the AGM, is it pretty easy to get Charlie's autograph?

 

No, but if you run into him or Buffett, they are usually gracious enough for a photo...just quicker than an autograph.  Used to be where you could actually talk to them a bit, but now just way too many people everywhere.  They're like Mick Jagger and Keith Richards, except it isn't young women chasing after them, but 20-50 year old value investors.  Cheers!

[Liberty]

For those with fragile necks :)

 

[Parsad]

Liberty, how did you do that?  The photo edit program I was using wouldn't let me rotate the picture.  Thanks for doing that!  Cheers!

[Liberty]

Liberty, how did you do that?  The photo edit program I was using wouldn't let me rotate the picture.  Thanks for doing that!  Cheers!

 

I just opened Photoshop CS3, rotated 90 degrees CW, and cropped the top of the pic so it's more centered on our two handsome protagonists. Not sure why your program wouldn't let you rotate...

[LC]

I wonder what brand chocolate-chip cookie that is...

[Parsad]

I wonder what brand chocolate-chip cookie that is...

 

I don't know, but don't you think See's should make chocolate chip cookies too, since they have their own See's chocolate baking chips?  Cheers!

[Grenville]

Good number of topics covered in his tweets from yesterday:

 

 

(from the BYD thread)

[augustabound]

I can't think of a picture I've seen Charlie smile in......................must have been the cookie.  :P

[Guest hellsten]

Good number of topics covered in his tweets from yesterday:

 

 

(from the BYD thread)

 

Thanks.

 

I'm taking the liberty of posting some of those tweets here (easier to find than on Twitter):

 

- Li Lu says BYD has compounded at 75% since its founding 15 years ago.

 

- Li Lu talked about engineering, problem-solving culture of BYD.

 

- Munger just praised Mohnish Pabrai for copying the Buffett Partnership "down to the last comma."

 

- Munger talking about the embedded options in the public notice papers he bought for Daily Journal.

 

- Phoenix public notice paper generated "thousands of percent" return for Daily Journal.

 

- Charlie talking about pricing power as the mark of a great investment.

 

Source

[Parsad]

That's pretty cool that Munger praised Mohnish.  It's like getting a nice pat on the back by one of your heroes...and Munger doesn't throw out accolades very often!  Cheers!

[Grenville]

That's pretty cool that Munger praised Mohnish.  It's like getting a nice pat on the back by one of your heroes...and Munger doesn't throw out accolades very often!  Cheers!

 

He also referred to Mohnish last year when answering a question about energy or commodities. I can't remember the specifics.

[MVP444300]

http://www.marketfolly.com/2013/02/notes-from-charlie-mungers-daily.html

 

Here are more notes I found on this website.

[Palantir]

Did CM or anybody provide clarity on what they're going to do with the newspaper business or the portfolio after the current management has retired/passed on? Are they expanding the business or milking it to provide for the portfolio?

 

Sorry for the questions on this thread. I used to own it, but I have no idea what goes on inside this thing.

[savant]

 

- Munger talking about the embedded options in the public notice papers he bought for Daily Journal.

 

 

 

Would someone be kind enough to explain what CM meant by the above?

[Grenville]

 

- Munger talking about the embedded options in the public notice papers he bought for Daily Journal.

 

 

 

Would someone be kind enough to explain what CM meant by the above?

 

He referred to how when the bought the small newspapers at very low prices, they got a free option that if there was a foreclosure boom they would get extra returns from the public notice advertising that goes with it. He also said they didn't buy those papers at the time with the embedded option in mind. It's something that they got lucky with. Essentially my read on his response was that they didn't consider that option at all or give it any value when they bought the papers.

[Buffett_Groupie]

I'm showing off mine with Munger who has a bigger smile, which is rare! :-)

[savant]

 

- Munger talking about the embedded options in the public notice papers he bought for Daily Journal.

 

 

 

Would someone be kind enough to explain what CM meant by the above?

 

He referred to how when the bought the small newspapers at very low prices, they got a free option that if there was a foreclosure boom they would get extra returns from the public notice advertising that goes with it. He also said they didn't buy those papers at the time with the embedded option in mind. It's something that they got lucky with. Essentially my read on his response was that they didn't consider that option at all or give it any value when they bought the papers.

 

Interesting. Thanks very much for your response Grenville.

[cubsfan]

Here are some other notes posted by a few of us:

 

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/value-investing-hooligans!/

 

It was a fun meeting.