{"id":295,"date":"2017-02-03T04:10:53","date_gmt":"2017-02-03T04:10:53","guid":{"rendered":"http:\/\/charliemungersays.com\/?p=295"},"modified":"2017-10-25T00:34:45","modified_gmt":"2017-10-25T00:34:45","slug":"charlie-munger-daily-journal-annual-meeting-2016-so-much-wisdom-from-one-meeting-its-like-eating-chocolates-from-a-house-made-from-chocolates-filled-to-the-brim-with-chocolates-part-i","status":"publish","type":"post","link":"https:\/\/charliemungersays.com\/index.php\/2017\/02\/03\/charlie-munger-daily-journal-annual-meeting-2016-so-much-wisdom-from-one-meeting-its-like-eating-chocolates-from-a-house-made-from-chocolates-filled-to-the-brim-with-chocolates-part-i\/","title":{"rendered":"28. Charlie Munger &#8211; Daily Journal Annual Meeting 2016. So Much Wisdom From One Meeting: It\u2019s like eating chocolates from a house made from chocolates filled to the brim with chocolates: Part I."},"content":{"rendered":"<p><a href=\"https:\/\/charliemungersays.com\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-296\" src=\"https:\/\/charliemungersays.com\/wp-content\/uploads\/2017\/02\/CM18-300x251.jpg\" alt=\"\" width=\"300\" height=\"251\" srcset=\"https:\/\/charliemungersays.com\/wp-content\/uploads\/2017\/02\/CM18-300x251.jpg 300w, https:\/\/charliemungersays.com\/wp-content\/uploads\/2017\/02\/CM18.jpg 608w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.amazon.com\/Charlie-Munger-Seasons-Eugene-Federen\/dp\/1548719293\/ref=sr_1_1?ie=UTF8&amp;qid=1500437731&amp;sr=8-1&amp;keywords=charlie+munger+for+all+seasons\" target=\"_blank\" rel=\"noopener\">Excellent Book: Charlie Munger For All Seasons<\/a><\/p>\n<p><strong>On Newspapers Business<\/strong><\/p>\n<p>(i)\u00a0So we had this newspaper which formally had monopolistic qualities, and like many newspapers, it was a fine business.\u00a0 Now it is tough, shrinking.<\/p>\n<p>(ii)\u00a0We had more than 80% of the foreclosure notice business, and it was like being an undertaker in a plague year.\u00a0 It provided huge prosperity for us, coming at a time when everyone else was in total agony.\u00a0 Well that gave us a lot of money and we used that money to buy securities at low prices during the panic.<\/p>\n<p>(iii)\u00a0Aided by that peculiar response to the deterioration of our newspaper business we have entered the software business.\u00a0 And that has been a slow expensive troublesome thing.\u00a0 Now we have written off practically everything we spent on it.\u00a0 And we had plenty of taxable income to do that with.\u00a0 What\u2019s happened now is that we now have more software revenues than we have print revenues.<\/p>\n<p>Ref: http:\/\/latticeworkinvesting.com\/2016\/02\/13\/charlie-munger-transcript-of-daily-journal-annual-meeting-2016\/<\/p>\n<p><a href=\"https:\/\/www.facebook.com\/groups\/charliemungersays\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.facebook.com\/groups\/charliemungersays\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excellent Book: Charlie Munger For All Seasons On Newspapers Business (i)\u00a0So we had this newspaper which formally had monopolistic qualities,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[3,4],"tags":[],"class_list":["post-295","post","type-post","status-publish","format-standard","hentry","category-investment","category-wisdom"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/posts\/295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":3,"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/posts\/295\/revisions"}],"predecessor-version":[{"id":908,"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/posts\/295\/revisions\/908"}],"wp:attachment":[{"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/categories?post=295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/charliemungersays.com\/index.php\/wp-json\/wp\/v2\/tags?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}