TIP147: Billionaire Charlie Munger and the Daily Journal (Business Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 15 July 2017

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Charlie Munger’s net worth is about 1.5 billion and as most people know, he’s Warren Buffett’s vice chairman at Berkshire Hathaway. As we’ve talked about on previous episodes, Munger is really a brilliant individual that’s considered a polymath. Few people know that Charlie is an investor with the Daily Journal Corporation in Los Angeles California. As a result, he does a question and answer period every year at the shareholder meeting. One of our good friends Hari Ramachandra was lucky enough to attend the Daily Journal meeting this year, and while he was there, he captured some of the best responses that Charlie gave.

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In this episode, you'll learn:

What would happen if we all bought index funds
What the future holds for money managers
Why it would be delusional to think you understand the future of payment systems.
Why you need to earn the right to become rich
Whether you should invest through a partnership or a holding company

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Transcript

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0:00.0	You're listening to TIP.
0:30.0	As a result, he does a question and answer period every year at their annual shareholder meeting.
0:36.0	One of our good friends, Hari Ramachandra, was one of the few people that were lucky enough to attend the daily journals meeting this year.
0:42.0	And while he was there, he captured some of the best comments that Charlie gave.
0:46.0	So, similar to the way that we cover the Berkshire Hathway shareholder's meeting each year,
0:50.0	get ready for an interesting show that captures one of the smartest people's thoughts on a variety of investing topics.
0:56.0	So, here we go.
1:00.0	You are listening to THE Investors Podcast.
1:04.0	Where we study the financial markets and read the books that influence self-made billionaires the most.
1:10.0	We keep you informed and prepared for the unexpected.
1:14.0	All right, how's everyone doing out there?
1:24.0	Like we said in the introduction, we're going to be talking about Charlie Munger today.
1:28.0	We're really excited to have Hari Ramachandra with us, says everyone knows he's part of our mastermind group.
1:34.0	And Hari was the one who brought this one to us because Hari was privileged enough to actually attend the daily journal annual meeting with Charlie Munger.
1:44.0	And it's not a big group. I know from the video that I had access to that I watched. It was a pretty small room, Hari.
1:50.0	It looked like there was about 100, 200 people there at most, right?
1:54.0	Yes, I want 200 people I would say.
1:56.0	Before we start diving into some of the questions and doing our analysis of Charlie's comments, I want to have Hari describe to us what the daily journal is.
2:06.0	Why Charlie Munger is a part of it and kind of a little bit about the meeting.
2:10.0	Daily journal corporation is a publishing company. It is headquartered in Los Angeles, California.
2:16.0	They have two divisions. One is the newspaper division, which is their traditional business.
2:20.0	However, they also have a new venture. They call it as journal technologies.
	...

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