Charlie Munger Daily Journal 2015 Meeting [FULL NOTES]

Sheeraz Raza

Article

1 Pages

March 2015

Daily Journal’s 2015 meeting notes capture Charlie Munger’s views on technological disruption, capital allocation, and investor behavior during a period of structural change. He argues newspapers faced near extinction, while concentrated investing and patience still offered asymmetric opportunities despite widespread market pessimism.

Key Takeaways

Software Pivot Worked: By 2015, software generated more revenue than print operations, reversing concerns that Daily Journal’s legacy publishing business was approaching extinction.

Portfolio Growth Surge: Daily Journal’s equity portfolio expanded from roughly $15.5 million in 2009 to $135.3 million by December 2014, largely driven by concentrated bank investments.

Concentrated Bets Favored: Wells Fargo represented about 70% of the portfolio, reflecting Munger’s belief that rare opportunities deserve aggressive sizing when downside risk appears manageable.

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