Alex Rubalcava is a LA based hedge fund manager, and he was live tweeting the Daily Journal meeting the other day. Since I am a huge Munger fan I asked Alex if I could share some of the best tweets, including a couple book recs….you can find all of them on his Twitter page @AlexRubalcava:
100 or so people here at the Daily Journal meeting to hear Charlie Munger speak.
“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 greatest company in America.”
“It’s hard to predict which comfortable two company duopolies will become ghastly competitive miasmas.”
Munger on ratings agencies: they were selling opinions, not guarantees. But in front of a jury the internal emails will cause trouble.
“Generally speaking, emails are great for lawyers.” — Munger
“They came to power at 58 and they’re gone at 63.” — Munger, on why other CEOs can’t copy the
$BRK operating model
“I made zero transactions in my PA last year.” — Munger
Munger just praised Mohnish Pabrai for copying the Buffett Partnership “down to the last comma.”
Charlie just recommended a physics and astronomy book called A Universe from Nothing: Why There Is Something Rather than Nothing by Lawrence Krause.
“He wanted to hear somebody else say what he already believes. We should go to the Catholic Church.” — Munger, to a questioner.
The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by Thorndike recommended by Charlie with enthusiasm.