![]() Gerald Salzman: The reason for the decline to a certain degree is that several years ago, we decided not to support a very old legacy system that had a number of smaller agencies in addition to a number of larger agencies. I just wonder what is the reason for the decline?Ĭharlie Munger: Gerry, you take that one. On the website and all the other older 10-Q and 10-Ks, it said that JT serves 42 states. Question: In the latest 10-Q our company stated that Journal Technologies serves 30 states in the United States. So we tell everybody what we have to under the rules and we keep it confidential until then. As a shareholder, am I entitled to know what overseas securities we own on margin?Ĭharlie Munger: Well, the practice at Daily Journal and Berkshire is the same: We disclose what we have to under the rules because we don’t want people to know what we’re buying and selling. Question: I noticed that our company is using margin debts to purchase overseas securities and the overseas securities are not reported in the SEC filing. ![]() So obviously, we have succession planning to do in the near future. Salzman’s retirement?Ĭharlie Munger: Well, our long-term plan is to replace both Gerry and I, because he’s 83 and I’m 98. Question: What is the current Daily Journal management succession plan and who will be in charge after Mr. Question: What are the reasons for Gerry and Peter Kaufman leaving the board?Ĭharlie Munger: Well, we are going to have to make changes in the future. And when I’m gone, or sufficiently impaired, we’ll get somebody else to do it. Gerald Salzman: Charlie, I think you should answer that.Ĭharlie Munger: Well, I’ll handle it as long as we can. How does the Daily Journal plan to handle its investment portfolio after Charlie steps back? ![]() Question: Charlie and Gerry, we wanted to start with questions that were very specific to the Daily Journal first. Now we’re going to answer questions in the tradition that’s common to both the Daily Journal and Berkshire Hathaway. Enjoy!Ĭharlie Munger: The Daily Journal’s formal business is over. I usually sit down and transcribe the Daily Journal AGM with the musings and wisdom of Charlie Munger every year a few days after its occurrence.
0 Comments
Leave a Reply. |