C&B Notes

2019 Daily Journal Meeting

We traveled to Los Angeles earlier this month for one of our favorite events — the Daily Journal Annual Meeting, which provides Charlie Munger with a 2-hour forum to share what is on his mind.  Among a number of other topics, he had a few memorable comments about circle of competence that we thought were worth sharing:

  • “We tried to find a few things where we were right.  We never tried to pretend that we had useful information on every subject.” 
  • Pick out everything really stupid in life and avoid it. 
  • “If we got one thing that we can do more of, we are not interested in anything that is not better than that…It is amazing how intelligent it is to spend time just sitting.” 

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