– Munger talked about the embedded options in the public notice papers he bought for Daily Journal… Phoenix public notice paper generated “thousands of percent” return for Daily Journal
– “Many of you people are here because you’re investment groupies, not Daily Journal shareholders.”
– “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.
– Munger, quoting Buffett “I’m waiting for a list of business that we declined because it was morally beneath us.”
– On why other CEOs can’t copy the Berkshire Hathaway (BRK.A) operating model: “They came to power at 58 and they’re gone at 63.” (more…)