Daily Journal Annual Meeting Notes March 25, 2015
**Please note that I have tried to make these quotes as accurate as possible but they may not be verbatim
DJCO software business
Prospects look about as good as they have in a long time. If successful much bigger maker - over the whole country.
Hard business but if we succeed this might it harder for people to come in and compete with us.
Darwinian Wisdom - One business dying and so they try something new, Must companies doing this will fail. It's normal for companies to fail due to technological change.
He said while discussing activist investors that it can't be good for civilization.
I know no wise (or successful) person who doesn't read a lot. People who multitask are paying a huge price. Concentration of thought is hard but it's a critical to possess. I succeeded because I have a long attention span and can tune everything out. Any success was due to thinking hard and following through.
World will be harder over next 50 years
Japan's position has changed because their competition (S. Korea, China) got better which is why they economy has declined.
MidAmerican is trying to do the right thing for everyone. Think it's almost a no brainer as far as its likelihood of success.
Buying WFC at $8 was shooting fish in an empty barrel (Charlie had earlier used an analogy that he liked to find situations where the decisions were easy, like shooting fish in a barrel drained of water.)
Lee Kuan Yew most important nation builder in history of the world. He was very rational and turned a swamp into a country while eliminating bribes, a most admirable man (Charlie also mentioned a plan to commission a bronze statue of him).
Damn near impossible to get wealthy in large cap stocks. People who invest will be looking in more restricted/lower followed areas. Not enough to buy quality companies because quality is priced in.
Elon Musk is a genius.
Others try to be smart I just try not to do anything idiotic.
3G using zero cost based budget system.
Casinos and lotteries are not beneficial to society.
The desire to get rich quickly is dangerous.
While in a general discuss about ITT and its accounting issues he mentioned that Valeant's is doing much the same.