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Gerry Salzman: The reason for the decline, to a certain degree, is several years ago, we decided not to support a very old legacy system.

I just wonder what is the reason for the decline? I would appreciate any explanation.Ĭharlie Munger: Gerry, you take that one. That’s our system.īecky Quick: Our company stated that Journal Technology serves 30 states in the United States on the website and all the other older 10-Q and 10-K. We disclose what we have to under the rules because we don’t want people to know what we’re buying and selling, so we tell everybody what we have to under the rules, and we keep it confidential until then. As a shareholder, am I entitled to know what overseas security we own on margin?Ĭharlie Munger: Well, the practice at Daily Journal and Berkshire is the same. So obviously, we have a succession planning to do in the near future, and we’ll do it as fast as we can.īecky Quick: I notice that the Daily Journal is using margin debts to purchase overseas securities, and the overseas security is not reported in the SEC filing. Salzman’s retirement?Ĭharlie Munger: Well, our long-term plan (is) to replace both Gerry and I because he’s eighty-three and I’m ninety-eight. And Peter didn’t want to do it anymore, and that’s all we have to say.īecky Quick: What is the current Daily Journal’s management succession plan and who will be in charge after Mr. Gerry Salzman: Charlie, I think you should answer that.Ĭharlie Munger: Well, I’ll handle it as long as we can, and when I’m gone or sufficiently impaired, we’ll get somebody else to do it.īecky Quick: Ok, the second part of that question is, what are the reasons for Gerry and Peter Kaufman leaving the board?Ĭharlie Munger: Well, we are going to have to make changes in the future because Gerry and I are so superannuated. So you’re on for the first question.īecky Quick: How does the Daily Journal plan to handle its investment portfolio after Charlie steps back? Now we’re going to answer questions in the tradition that’s come to both the Daily Journal and Berkshire Hathaway. The Daily Journal’s former business is over. We have the proxies, we have the inspector of elections, we have everything here, that is now done. (Note: I frequently summarized the questions that were presented by the host Becky Quick, but as for anything that Charlie or Gerry said, I translated them verbatim and as accurately as possible.)Ĭharlie Munger: The sole business of the meeting is to elect four directors Munger, Conlin ( link 1, 2), Maryjoe Rodriguez and John Frank ( link 1, 2, 3). Munger for energetically entertaining our questions and graciously sharing his wisdom, insights, and time with all of us. In addition to the transcript, you may also listen to my “time-saver” edit of the meeting’s audio, or watch the entire meeting on YouTube.

This transcript has been enhanced with clickable links to various curated resources.

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Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 98! It’s always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting.

Lattice work