Daily Journal Detailed Meeting Notes

[Parsad]

Hi Folks,

 

Here is a detailed transcript of the Daily Journal Meeting with Munger.  Cheers!

 

DJCO_Meeting.pdf

[Liberty]

Thank you!  :)

[dcollon]

Thanks for posting the notes

[Guest FFHfan]

Thank you  :)

[vikx01]

Wonderful!

Thanks Prasad.

[rranjan]

Thanks a bunch!!

[Guest hellsten]

Thank you! This is the best transcript I've seen so far.

 

A few quotes that I like:

 

Our main business is not to see what lies dimly at a distance, but to do what clearly lies at hand.

 

General Motors, out of the profits of their good years, they could have bought, every year, for many years, a big company.

They could have bought Eli Lilly one year and Merck the next, and United Technologies. General Motors could own the world. Instead, what they declared to their shareholders was a goose egg. They took the common equity to zero.

 

I regard it as perfectly normal to fail and make bad decisions. I think the tragedy in life is to be so timid that you don't play hard enough so you have some reverses.

[Parsad]

I don't know who transcribed it, but it was sent to me by the fellow mentioned on page 17!  :o  Great job whoever did it.  Cheers!

[farnamstreet]

Interstingly, those are the notes available here

http://myinvestingnotebook.blogspot.ca/2013/02/daily-journal-meeting-notes.html

 

As you know, a lot of work and effort goes into creating soemthing so extensive; feel free to leave a donation if you find them valuable

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=UWNRQ6NNZQUQL

 

[Parsad]

Hi there Farnam,

 

Mohnish and I had no idea that it was from a site.  I've removed it. 

 

If anyone wants a copy, please purchase it directly from Farnam's blog.  They are very good notes.  Cheers!

[Guest hellsten]

Interstingly, those are the notes available here

http://myinvestingnotebook.blogspot.ca/2013/02/daily-journal-meeting-notes.html

 

As you know, a lot of work and effort goes into creating soemthing so extensive; feel free to leave a donation if you find them valuable

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=UWNRQ6NNZQUQL

 

I made a small donation. Thank you for the notes. Almost felt like being at the meeting :)

[farnamstreet]

Sanjeev,

 

Let's try something.  No need to remove them, although I appreciate the offer.

 

If people enjoy them, they are free to leave a modest (or large!) donation as it takes a bit of effort to put those together.

 

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=UWNRQ6NNZQUQL

[Parsad]

Hi Farnam,

 

I put it back up.  Cheers!

[JAllen]

My favorite quote is "I would much rather push a button than have my arm broken."

[biaggio]

Have posted donation to Farnham's site- appreciate + enjoy information posted there.

 

Thanks for posting notes here, though have not had a chance to read them, I am sure they are good.

[cubsfan]

Farnamstreet:

 

I was at the meeting as well. I took pages and pages of notes.

But you make me look like a complete piker.

 

Nice job - I'm sending a donation - as I like your notes way better

than mine.

 

Thanks much.

[vikx01]

Made my donation.

Farnam, I thoroughly enjoy the articles on your blog. I haven't read the notes (will do so after I leave from work), but I'm sure they are as wonderful as your articles are.

 

Thanks again.

 

Great work!

 

 

[jay21]

I thought the most interesting comment was how P&G's and Unilever's moat might be shrinking.  I'll have to think about that and other branded products.

 

Thanks for the notes!

[vn35]

Made my donation.  Excelent notes.

[cubsfan]

He made that comment in regards to the quality of Costco's private label products (Kirkland),

starting to rival the branded products.