Charlie Munger, the 95-Year Old Berkshire Hathaway Vice Chairman & Chairman of the Daily Journal, speaks to shareholders at the 2019 Daily Journal Annual Meeting. Munger, in his usual, no holds barred manner, speaks for two hours.
Charlie Munger Speaks At 2019 Daily Journal Annual Meeting
Q4 hedge fund letters, conference, scoops etc
Some tweets discussing the Charlie Munger's remarks from the 2019 Daily Journal Annual Meeting:
MUNGER: There aren't that many people better than Li Lu. So, I just sit. It's amazing how intelligent it is to just be sitting. A lot of people are way too active. https://t.co/W2y8FLiGQv
— Julia La Roche (@SallyPancakes) February 14, 2019
Charlie Munger: Warren says it's always a mistake to marry for money and it's really stupid if you're already rich.
— Julia La Roche (@SallyPancakes) February 14, 2019
"Warren and I never tried to make money out of dumb buyers. We tried to make money buying. If we were selling horse shit we didn't want to pretend it was a cure for arthritis. It's better to go through our life than theirs." https://t.co/B6c2XBnmQS
— Julia La Roche (@SallyPancakes) February 14, 2019
Charlie is now endorsing position sizing using the Kelly Criterion and he plugged Poundstone’s book Fortune’s Formula.
— Alex Rubalcava (@AlexRubalcava) February 14, 2019
“We never thought we could have great opinions on all subjects, like Jim Cramer pretends to.” - Charlie
— Alex Rubalcava (@AlexRubalcava) February 14, 2019
Munger on diversification: The whole idea is totally ridiculous. It doesn't work. It gives you an impossible task... I find it agony. Who would want to do it?
— Julia La Roche (@SallyPancakes) February 14, 2019
Charlie Munger: The idea of diversification makes sense to a point if you don't know what you're doing/don't want to be embarrassed... But the investment pros think they're helping you. Anyone can diversify a portfolio...
— Julia La Roche (@SallyPancakes) February 14, 2019
Charlie Munger on indexing: "I do think if everyone did it it won't work. For a considerable period, index investing will work better than stock picking." #DJCOmeeting $DJCO
— Julia La Roche (@SallyPancakes) February 14, 2019
Munger: Think about how much New York state needs money from finance. What would happen to Manhattan if there weren't any fees?... It costs about $50,000 to send your kid to preschool. If your game is money management you have a serious problem. I don't have any solutions. $DJCO
— Julia La Roche (@SallyPancakes) February 14, 2019
MUNGER: "How is that profession handling this situation as indexing gets more popular, including at a lot of fancy places? I've got a simple answer they're handling it with denial." #DJCOmeeting https://t.co/H2YJYFm1Vr
— Julia La Roche (@SallyPancakes) February 14, 2019
Charlie Munger on the investing class: "[We] have a whole profession that's being paid for accomplishing practically nothing." #DJCOmeeting
— Julia La Roche (@SallyPancakes) February 14, 2019
