The 2020 Daily Journal Corporation Annual Meeting features chairman Charlie Munger discussing the company’s operations before answering questions from shareholders and other attendees. He describes the decline of Daily Journal’s traditional newspaper business and the development of Journal Technologies, which supplies software to courts and other justice agencies.

The discussion then ranges widely across investing, business and economic questions. Munger considers changing competitive advantages, market valuations, investment opportunities in China, index funds, corporate incentives and the difficulty of finding attractive opportunities. He also discusses technological disruption and the importance of recognising when established business models are weakening.

Beyond investment, Munger addresses healthcare, energy, education, careers, human judgement and the use of inversion in solving problems. Across these subjects, he repeatedly emphasises patience, intellectual flexibility, avoiding obvious errors and understanding the limits of one’s knowledge.