{"id":18037,"date":"2023-02-17T12:52:01","date_gmt":"2023-02-17T04:52:01","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=18037"},"modified":"2025-11-12T10:57:33","modified_gmt":"2025-11-12T02:57:33","slug":"charlie-munger-2023-djco","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/","title":{"rendered":"Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting"},"content":{"rendered":"\n<p>Note: Please check &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/06\/munger-daily-journals\/\">The Charlie Munger Way-Key points from Munger Daily Journal\u2019s 10 years of shareholder meetings<\/a>&#8221; if you are interested in Munger&#8217;s all shareholders meeting insights at Daily Journal.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/#Verbatim_Transcript_of_Shareholders_Meeting\" >Verbatim Transcript of Shareholders&#8217; Meeting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/#Relative_articles\" >Relative articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Verbatim_Transcript_of_Shareholders_Meeting\"><\/span>Verbatim Transcript of Shareholders&#8217; Meeting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The following web link is the verbatim transcript of Charlie Munger\u2019s 2023 shareholders\u2019 meeting in the Daily Journal (ticker: DJCO). The original manuscript is from Sina. Since the shareholders\u2019 meeting is very long, the text in the Chinese version (in Simplified Chinese) has been abridged and excerpts, while the English version has not been abridged, and the content is very worth reading.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/finance.sina.com.cn\/money\/smjj\/smdt\/2023-02-17\/doc-imyfwyim2202951.shtml\" target=\"_blank\" rel=\"noreferrer noopener\">Transcript of Shareholders&#8217; Meeting<\/a> <a href=\"https:\/\/finance.sina.com.cn\/money\/smjj\/smdt\/2023-02-17\/doc-imyfwyim2202951.shtml\" target=\"_blank\" rel=\"noreferrer noopener\">(Chinese<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/steadycompounding.com\/investing\/djco23\/\" target=\"_blank\" rel=\"noreferrer noopener\">Transcript of Shareholders&#8217; Meeting<\/a> <a href=\"https:\/\/steadycompounding.com\/investing\/djco23\/\" target=\"_blank\" rel=\"noreferrer noopener\">(English)<\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"158\" height=\"164\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2023\/02\/charlie-1600x1200-1.jpg\" alt=\"Charlie Munger \" class=\"wp-image-18038\"\/><figcaption class=\"wp-element-caption\">credit: CNN<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Relative_articles\"><\/span>Relative articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/04\/li-lu-himalaya-capital\/\">Li Lu, Munger\u2019s disciple, and his Himalaya Capital<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/07\/22\/munger-wescos-24-years\/\">The Wisdom of Charlie Munger-Key points from Munger Wesco&#8217;s 24 years of shareholder meetings<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/27\/charlie-munger\/\">Charlie Munger, a great investor worth remembering<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/21\/poor-charlies-almanack\/\" target=\"_blank\" rel=\"noreferrer noopener\">Munger&#8217;s most important work &#8220;Poor Charlie&#8217;s Almanack&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/06\/munger-daily-journals\/\">The Charlie Munger Way-Key points from Munger Daily Journal\u2019s 10 years of shareholder meetings<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/\">Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/27\/benjamin-graham-on-value-investing-grahams-bio-book\/\">&#8220;Benjamin Graham on Value Investing&#8221;, Graham&#8217;s bio book<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/11\/2025-buffett-thanksgiving-message\/\">2025 Buffett Thanksgiving Message to Shareholders<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/22\/berkshire-shareholder-letter\/\">Buffett&#8217;s 2025 Berkshire Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/25\/2024-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2024 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/26\/2023-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2023 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/05\/2024-berkshire-shareholders-meeting-transcript-and-video\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/09\/shareholders-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/26\/buffetts-first-tv-interview\/\">Buffett&#8217;s first TV interview<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/17\/buffett-squawk-box\/\">Full transcript of Buffett&#8217;s interview with CNBC&#8217;s Squawk Box<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/17\/outsiders\/\" target=\"_blank\" rel=\"noreferrer noopener\">Outsiders, one of the greatest investment books for managment team<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/\">Dear Shareholder<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Verbatim transcript of Charlie Munger&#8217;s 2023 shareholders\u2019 meeting in the Daily Journal<\/p>\n","protected":false},"author":1,"featured_media":18038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,55],"tags":[532],"class_list":["post-18037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlie-munger","category-shareholders","tag-djco"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/18037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=18037"}],"version-history":[{"count":17,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/18037\/revisions"}],"predecessor-version":[{"id":39921,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/18037\/revisions\/39921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/18038"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=18037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=18037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=18037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}