チャーリー・マンガー質疑応答(於デイリージャーナル株主総会2013/2/6)
100 or so people here at the Daily Journal meeting to hear Charlie Munger speak.
2013-02-07 03:10:40Munger talking about the embedded options in the public notice papers he bought for Daily Journal.
2013-02-07 03:17:18Phoenix public notice paper generated "thousands of percent" return for Daily Journal.
2013-02-07 03:18:06"Many of you people are here because you're investment groupies, not Daily Journal shareholders." -- Munger
2013-02-07 03:19:40"I don't think anyone on the board or management of General Motors had one shred of guilt for destroying 100% of the equity of the [+]
2013-02-07 03:27:16"It's hard to predict which comfortable two company duopolies will become ghastly competitive miasmas." -- Munger
2013-02-07 03:29:34Munger on ratings agencies: they were selling opinions, not guarantees. But in front of a jury the internal emails will cause trouble.
2013-02-07 03:34:55"Generally speaking, emails are great for lawyers." -- Munger
2013-02-07 03:35:28"I would hate to have to read the dumbest thing I ever said." -- Munger
2013-02-07 03:36:11"I'm waiting for a list of business that we declined because it was morally beneath us." -- Munger, quoting Buffett
2013-02-07 03:39:26Munger really attacking the pre-BK management of $GM.
2013-02-07 03:44:05"Why should it be simple to buy your way out of trouble?" -- Munger on M&A
2013-02-07 03:49:28"They came to power at 58 and they're gone at 63." -- Munger, on why other CEOs can't copy the $BRK operating model
2013-02-07 03:53:20"I'm not sure we want everything in America taken over by Carl Icahn." -- Munger
2013-02-07 04:05:01"I think the idea that everyone can have wonderful results from stocks is inherently crazy. Nobody expects everyone to succeed at poker."
2013-02-07 04:07:13"I made zero transactions in my PA last year." -- Munger
2013-02-07 04:09:14Munger just praised Mohnish Pabrai for copying the Buffett Partnership "down to the last comma."
2013-02-07 04:16:29Munger talking about passing on Bell Ridge Oil at one fifth of liquidation value in the seventies.
2013-02-07 04:17:24Question on BYD. Munger calls Li Lu up to answer the question.
2013-02-07 04:18:11Li Lu says BYD has compounded at 75% since its founding 15 years ago.
2013-02-07 04:19:24Li Lu talked about engineering, problem-solving culture of BYD.
2013-02-07 04:22:31