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On the other hand, it could be handled. Throughout the transcript below, I have included clickable links to my notes and articles . Daily Journal Corp closed its position in Posco Adr on 5th January 2023. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. or to simply have an email sent to you whenever we receive a new Daily Journal Corporation Announces Financial Results for the Six Months ended March 31.. Daily Journal : Announces New Chairman and CEO - Form 8-K. Daily Journal Corp : Change in Directors or Principal Officers, Financial Statements and E.. Daily Journal Corporation Announces New Chairman and CEO, Daily Journal : Fiscal Q1 Earnings Snapshot. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. Im pretty easy on myself these days. They dont work that hard at figuring out what works and what doesnt. It was totally required. It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. It sold the previously owned 9,745 shares for $357 thousand. When you pay for order flow, youre probably charging your customers more and pretending to be free. Im just trying to get a feel for what the long-term capital allocation is. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Charlie Munger: Well, I consider that very unlikely. Everybody is. and a top 10 holdings concentration of 100.0%. Charlie Munger: Well, of course, the places downsized. But Im flabbergasted at how well theyre doing. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . Touch device users, explore by touch or with swipe gestures. Were going to bust our ass to try and do a good job. But show me a psychology department that knows how to do that. Charlie Munger: I dont think so. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Gerald Salzman: Charlie refers to the courts, many times. But, of course, I think there will be more automation in transportation of all kinds in the future. But, I find that the old ways of doing things still work. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Rick was part of the group which consisted of Warren Buffett, Rick Guerin, and Charlie Munger that bought control of Blue Chip Stamps when it was widely distributed in an anti-trust settlement. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Charlie Munger: Well, generally speaking, I dont try and compete with Sequoia. Its a very dishonorable low-grade way to talk. BYD stock did nothing for the first five years we held it. The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. He loved to kid people. Generally speaking, people assume that were a normal software company like Microsoft or something. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. That makes the whole thing very awkward. They had to because the traditional business newspaper business is shrinking. Think of whats died in my lifetime. In other words, to some extent, its a self-correcting system. And, we hope to do well in it. In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. . If you have unrealistic expectations, youre going to be miserable all your life. It wasnt some malevolence of the rich that caused it. All the good things. And if you stop to think about it, that is also true at the Daily Journal. Youve said recently that Sequoia is the greatest investment firm ever. The Manual of Ideas What would be a mistake at the Daily Journal which we can all learn from? I think most people are born with a happystat. And it was probably wise that we acted exactly as we did. Daily Journal Corporation's ISS governance QualityScore as . And some bankers yield to the temptations. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? Question: Has your opinion on cryptocurrencies remained the same? That is true and makes sense. I think were into a lot less travel and a lot more Zooming. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. And theyre all dyingevery damn one of them almost. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Absolute insanity. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. I dont think we have any great gift at making macroeconomic predictions. 50.0% of the portfolio companies Bitcoin reminds me of what Oscar Wilde said about fox hunting. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. So you now know what I do in charitable institutions. And I dont know whether hes right or not. Question: We have a couple of questions about J.P. Rick Guerin. Today, the majority of contractual revenue that can be identified is from implementations and licenses. N/A: N/A: N/A: . DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. There are these periods in capitalism. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. He was a very smart man. Wheaton delivers amongst the highest cash operating . Munger and Salzman will take shareholder questions from CNBCs Becky Quick.Don't Miss: Valley of Hype: The Culture That Built Elizabeth HolmesWATCH HERE:https://youtu.be/Sb179GLPNYEWatch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube:https://youtu.be/gx-OzwHpM9kSubscribe to Yahoo Finance: https://yhoo.it/2fGu5BbAbout Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? That doesnt happen. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. Question: You famously run investments through your mental checklist. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . Have you met Lee Kuan Yew in person? But, no, I dont think Treasury securities are a big problem. Tilly's, Inc. Thats an interesting example of self-learning. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. [1]: BYD sells at nearly 200 P/E. Larry Summers has recently been quoted as being worried that were having too much stimulus. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. We have our crotchets and I just dont know enough about it to want to go into that activity. Gerrys lived a long time too and I think we both have been lucky. So its a very theoretical discussion. You know what her mottoes were? Gerry, you have a comment on that? He was just a very old-fashioned sound thinker. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. See our Terms, Privacy Policy, and Disclaimer. It also serves as a newspaper representative specializing in public notice advertising. The Daily Journal Corp office and employees reside in Los Angeles, California. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Asian Investing Summit And I think both of us have done the same thing; we just suck it in and cope. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. Will we have fewer gas stations or truck stops in the future? Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. In 1860, GDP per capita in China was 600. Charlie Munger: I dont have any wonderful new thoughts. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. I never buy any and neither does Daily Journal. You must have a subscription to view WhaleScore histories. If you dont spend the money, you and your heirs get to spend it eventually. His method for doing it was so simple. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. I think the Chinese were very smart. Commission-free trading is not free. Type a symbol or company name. But he knew how to learn what he didnt know. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. We dont have any other secrets, do we Jerry? Intelligent Investing in Crisis Mode. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. And his conclusion is that mankind should just step up to it and do it. Best Ideas Conference Im not trying to move mountains. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Of course, that history is useful to know. Question: What would management [of Daily Journal] do with a sudden windfall of profits? 2/24/23. And thats the way Eugene was in his community. Get the latest articles and insights directly to your email inbox. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. And in biology, what happens is the individuals all die, and eventually, so do all the species. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. But its hard for anybody. Nobody was trying to make the rich richer. And then the previous 100 years, that got another big chunk of modernity. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. It says that man is too soon old and too late smart. Sign-up This information can be used by investors to verify and understand the financial position of the company. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. We love it anyway. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. Charlie Munger: Well, I dont know how well the economys doing to work in the future. The Zurich Project The stock has gained so much this year and last year. Latticework New York Investors play a major and vital role in the success and growth of a company. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. As for some of our technology, like eFiling for example, the courts are closed. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. And the next time around the poor will get richer faster than the rich. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. Tom Gayner, Adds value to my research process. I think theyre probably right, by the way. Rose Blumpkin had quite an effect on the Berkshire culture. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? All rights reserved. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Thats true whether youre Benjamin Franklin or Joe klutz. 915 E. 1st Street. Now 16 years have passed. And there was one woman who was a year older than he was who was the first-ranked student in the school. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. When I look at the modern Singapore health system, it costs 20% of what the American system costs. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. Charlie Munger: I dont think you can make that a moral responsibility. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. And he was a great kidder. But theres no rule that life has to be easy on the mental side. The meeting was held on February 24, 2021. A lot of things are going to change. And, of course, he hated costs. And what he does is he sells about half of them always. And they dont do that very wellIm talking about the business schools. The Form 13F report requires disclosure of the manager that files the report, the name and class of the security, the CUSIP number, the number of shares . Theyve served us well over the years. How are they similar or different? In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Its entirely possible that our system is right for us and their system is right for them. And he made a very favorable impression. I wouldnt change my life all that well. Los . The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. Corporate Actions Services. Just time after time he would do something like that. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. I recommend that other people follow my practice. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. He really knew everything you had to do to avoid credit losses in a small town in Illinois. I dont think its easy for ordinary people to become great investors. I think theyd run rings around me. Value investors know Warren Buffett's classic retort to efficient market theory, "The . The meeting was held on February 24, 2021. I kind of admire the way Bill takes on these very hard problems. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Classified advertising is down significantly. Click the button below to request a report when hardcopies become available. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Daily Commerce. I admire him that much. Charlie Munger: We will not be following Tesla into bitcoin. Because we have the proxies those directors are now reelected. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. Do it right the first time. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Jeffrey Stacey, I enjoy it and others will also. Investment Ideas Local Chapters That recognized reality and worked way better than what other people were doing. He was very amiable the way he talked about it. I recognized early that Gerry could run anything he wanted to run. Thats the reason he rose so fast in life. We bought all these buildings cheaply. Its difficult, but its not impossible investing in bank stocks successfully. We will now proceed to the question period. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. I do think that Im way less afraid of inequality than most people who are bleeding about it. And yet he made a lot of mistakes in the course of living his life. But, I hardly think the editorial quality could go way up when employees were going down. And some types of real estate in recent years has been particularly difficult. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Charlie Munger: Thats too hard in general a question for me. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. 13F filing from DAILY JOURNAL CORP, enter your You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Charlie Munger: Well, I dont think its required that we be exactly the same on everything. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. And by the way, I think its hard to teach. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Wide-Moat Investing Summit You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. What do you look for in a leader? Just time after time, he would choose the right system. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. Download 13F Summary What I see in China now just staggers me. 2023, Nasdaq, Inc. All Rights Reserved. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. There are factories in China that are just absolutely full of robots and are working beautifully. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. But, of course, its a very difficult field. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? So, no I dont think its the responsibility of management to assure where the stock sells. Daily Journal Corp. I feel the same way about those choices. But the Chinese have proved that you dont need free speech to have a wonderful economy. I would imagine that applies to the broad market too. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. What else can you do? 2022. One thing I can promise is that I wont contribute much to it because I dont understand it. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . In 2010, that was down to 165 full-time employees and 15 part-time employees. Charlie Munger: Well, I dont participate at all. Seneca Foods' (NASDAQ:SENE.A) investors will be pleased with their notable 70% return over the last three years 10/18/2022 3:57 PM. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. Previously, Buntain worked at The Carlyle Group, where he . Florida would have a really serious problem. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. Well, I dont think the quality of publishing public notice advertising has gone down. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Charlie Munger: I think Im alive because of a lucky genetic accident.

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