Charlie Munger's Daily Journal (DJCO) 2015 meeting recently took place. Alex Rubalcava (@AlexRubalcava) attended and we've aggregated/posted his notes below with permission.





Notes From Charlie Munger's Daily Journal (DJCO) Meeting 2015



Munger on venture capital versus what he does for a living: "It's a really difficult honest way to make a living. It's not like shooting fish in a barrel, which is how I've made my living."



Software is now a bigger revenue line for DJCO than print and Munger "thinks of it like Jeff Bezos" with its operating losses as it grows.



On the switch from pompous boards to activist investors: "I like the new system even less ... Carl Icahn is a very able man but that doesn't mean he should be running the world."



"I did not succeed in life by intelligence. I succeeded because I have a long attention span."



"I think that someone my age has lived through the best and easiest period in the history of the world."



Munger referenced The Better Angels of Our Nature by Steven Pinker



"When things are damn near impossible, maybe you should stop trying."



Munger sang the praises of Posco at the meeting and also said that he thinks the moat of American Express (AXP) is less than it once was.



"I think it's very difficult to be a value investor with $200B AUM."



"Other people are trying to act smarter. I'm just trying to be non-idiotic."



"If the incentives are wrong, the behavior will be wrong. I guarantee it."



On 3G Capital: "They're teaching us something about reality."



"I don't spend too much time thinking about what is almost certain never to happen."



"The finance industry is 5% rational people and 95% shamans and faith healers."



"A lot of our respected financial institutions are just casinos in drag."



"I don't think anything that any average person can do easily is likely to be worthwhile."



"Before marriage, keep your eyes wide open. After marriage, keep them half shut."



On how to compete in a service oriented biz: identify things that annoy customers and go down the list and get rid of them



Question about if there are parallels between what's happening in TV with what's happened with newspapers: "I've been a little surprised at how well television has survived, but I'm a little suspicious about the local incumbents."



Munger talked about the Chinese air pollution documentary, "Under the Dome." He says the ability of P2P communication like that documentary is a cautionary tale for old media.



"Nobody survives open heart surgery better than the guy who didn't need the procedure in the first place."



"Index funds will be permanent owners who can never sell. That will give them power they are not likely to use well."



If you put a gun to his head and told him he had to buy a tech stock, Munger would pick Google (GOOG)



"Valeant (VRX) is like ITT and Harold Geneen come back to life, only the guy is worse this time."



Munger talked about how Singleton was born smarter than Buffett but Buffett worked harder to learn about investing.



"The way to get rich is to keep $10 million in your checking account in case a good deal comes along."





If you missed it, you can also check out notes from Charlie Munger's Daily Journal meeting last year as well for more wisdom. Be sure to also read Charlie's letter in the most recent Berkshire Hathaway annual report.