Question: My question concerns China. The bad news is its not clear whos gonna win all the business or how much money is going to be made. In other words, to some extent, its a self-correcting system. Nobody should believe that Robinhoods trades are free. And I think the world would be better off without them. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESU.. Daily Journal Corporation Announces Financial Resultsfor the Three Months ended Decemb.. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Res.. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 3.. Daily Journal Corp : Change in Directors or Principal Officers (form 8-K). Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. 2023, Nasdaq, Inc. All Rights Reserved. And I think thats what shareholders do. Charlie Munger: Yes, I think that is rising as we sit here. Rich Eisinger, Great content, great people. 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. Its such a simple idea. I think the oil and gas industry will be here for a long, long time. One thing I can promise is that I wont contribute much to it because I dont understand it. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. But he knew how to learn what he didnt know. Charlie Munger: Theres one thing that were quite passionate about and that is serving the customers who have trusted us. Of course, we accomplished quite a bit working together. and a top 10 holdings concentration of 100.0%. 2/13/23. Were all pretty forgiving of ourselves too which is probably a good thing. FOR ANNUAL MEETING OF SHAREHOLDERS. The wealth management industry has a crisis on its hands. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. This is a highly desirable thing. Question: What books are you currently reading and what can you reccomend? Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Timeless Selections And thats very interesting. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. 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. Question: You often advocate for learning from other peoples big calamities and stupidities. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. He loved to kid people. Youve reached the limit of my circle of competence. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Gerry, you have a comment on that? Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. The majority of the companies in the funds portfolio are large-cap stocks. But the Chinese have proved that you dont need free speech to have a wonderful economy. So, of course, I admire him. He was just so damn smart. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. There are companies that Daily Journal Corp is getting rid of from its portfolio. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. And you mentioned technologythats very, very important. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. It showsed how wise we were to put him there in the first place. 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. . But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Thats the reason he rose so fast in life. They do way more good than harm. He didnt know one damn thing about the Daily Journal when we made him head of it. There are factories in China that are just absolutely full of robots and are working beautifully. Question: What is the biggest lie currently being perpetuated by the investment complex? Im not saying I wanted to live in China. What are his thoughts on modern monetary theory? I knew a man once, Henry Singleton, who was not a chess champion. Practically everybody does that. And that is why Costco presents some danger to Amazon. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. SEC Form 13F Filing History. Question: You identified the opportunity in electrification and invested in BYD. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. That is true and makes sense. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Currently, Daily Journal Corp's portfolio is worth at least $174 million. He doesnt mind at all not getting credit for his charitable donations. Last year it quintupled. And I dont think youll find me engaged in the massive rezonings in the future. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. 915 E. 1st Street. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Are they more stable? And all I can say is that well do the best we can. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) for Q4 2022. Their last reported 13F filing for Q4 2022 included $174,434,000 in managed 13F securities and a top 10 holdings concentration of 100.0%. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. How do I update this listing? Buffetts donations to the foundation have obviously helped to save many millions. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. Youd say that everybody does that in their education but I dont think everybody does. Ive been pretty quiet. Ideaweek St. Moritz But theres also a large risk of losing it coming from within an organization. What would be a mistake at the Daily Journal which we can all learn from? Is there any new material? That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. Charlie Munger: Well thats an easy one. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. Of course, that made him very leery of dumb loans. His method for doing it was so simple. Thought Leader Series. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people. He gasped and said, but hes never had anything to do with newspapers or anything else. New species are created and old species are dying. He had a long and wonderful run. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Charlie Munger: Robinhood trades are not free. 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. When autocomplete results are available use up and down arrows to review and enter to select. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. Think of whats died in my lifetime. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. Chinas economic record among the big nations is the best that ever existed in the history of the world. We hope theyll continue doing magnificently well. 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. LEARN MORE. I think the bankers of today could learn a lot from Eugene, but little is known of him. Charlie Munger: We will not be following Tesla into bitcoin. Today, it hovers around 9500. The Daily Journal Corp office and employees reside in Los Angeles, California. 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. But, no, I dont think Treasury securities are a big problem. And, what about passive investing? 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. Sure, we all love the kind of civilization we have. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. We have different tax considerations. 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. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. N/A: N/A: N/A: . If you dont have master the rest of the knowledge you cant synthesize it with psychology. The decision was. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. A lot of the good rules of life are like that. Have you seen the television show Queens Gambit on Netflix? Stocks with a size of more than $10 billion in market cap make up 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. Of course, it really helped to know everybody in town. 2022. I hope the newspaper survives too. Has the quality of the publication suffered as the employment levels have decreased? I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. But the accountants are duly elected. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Of course, its hard to negotiate in such a field. He cared terribly about not making bad loans or incurring dumb expenses. Youve even said business schools that dont adopt this method are doing their students a disservice. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Type a symbol or company name. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? I dont think Ive got any great insight about hydrogen. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. And thats the way we handled Gerry. For example, Coca-Cola in the past. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Jeffrey Stacey, I enjoy it and others will also. 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. And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. Its just that the investment banking profession will sell shit as long as shit can be sold. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Theyre in a place thats gotten more valuable. Could you share the secret to living a long, healthy, and happy life? You dont need to worry about them. That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. And some types of real estate in recent years has been particularly difficult. Today, the majority of contractual revenue that can be identified is from implementations and licenses. And, of course, when things get extreme you have things like that short squeeze. Charlie Munger: Well, heres what I meant. Were beholden to the guidelines of the county of Los Angeles and other counties. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? And so, the stock went way up. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. [The questioner] would like to know what Charlies method of learning is. Latticework London 306.00. DAILY JOURNAL CORPORATION - Print Media - 915 E 1st St, Los Angeles, CA - Phone Number - Yelp Daily Journal Corporation 5 reviews Unclaimed Print Media Frequently Asked Questions about Daily Journal Corporation How is Daily Journal Corporation rated? Create Email Alert, ***Log In or Questions: Many major businesses and high net worth individuals have been leaving California. Performance But, of course, if we got a chance to do it again, we would do it better. Can you speak to the causes, the trend, and make some predictions? We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. I regard this as insanity. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. But I dont think everybody can be a great investor or a great chess player. Featured Content Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Do it right the first time. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. 2022 Junto Investments, all rights reserved. Gerry and I have been together, how many years Gerry? As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. She created a business with like 500 depression dollars that became a huge business. Just time after time he would do something like that. These actions have given some shareholders more visibility and comfort on their investment. But there again, it's an interesting thing. I dont know the answer. But, of course, its a very difficult field. Charlie Munger: I have seen an episode or two of the Queens Gambit. Type a symbol or company name. But I dont think thats going to end up with a mistake. Were not enlarging it. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. 2023 Annual Meeting. He was very amiable the way he talked about it. Im afraid thats the way we all have to leave our swords. Daily Journal Corporation's ISS governance QualityScore as . [2]: What prevents the wide use of helpful psychological insight is the fact that psychology gets really useful when you integrate it with all other knowledge. BYD stock did nothing for the first five years we held it. I just see more and more of the rich people leaving. Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing Nov 15, 2022 4:05 pm EST Astronics Corporation Reports Third Quarter 2022 Financial Results Latest Presentation December 6, 2022 Truist Securities Industrials & Services Summit 2022 You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. Theres an old German proverb Ive always liked. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. And in biology, what happens is the individuals all die, and eventually, so do all the species. With no analysts or investor relations department, few understand the transformation that has occurred. What do you think we can do to help those who are currently falling behind as a result of this pandemic? You can hardly think of anything more important in life than being reliable for the people who trust you. Charlie Munger: Well, I cant top Lee Kuan Yews example. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Furthermore, hed gone through the Great Depression. We use cookies to ensure that we give you the best experience on our website. But they dont teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing whats already been discovered with the rest of knowledge. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? 1/9/23. A rich civilization can afford to do it if we absolutely have to. But Henry was a genius. But Im flabbergasted at how well theyre doing. Podcasts enable members to enjoy content in a convenient format. And I applaud the result. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? 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. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Delayed Nasdaq 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. Of course, if he had a chance to do it over again, he would avoid those mistakes. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. 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 . I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. What else can you do? Charlie Munger: Its quite importantpart of the success of a company like Costco. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Without the method of learning, youre like a one-legged man in an ass-kicking contest. Its one of the most ignorant professions in the world. email address below and choose 'Submit'. About the awards. Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. We miss Rick terribly. I think you can count on the fact that if we really like the company and we like the managementand that is the way we feel about BYDwere likely to be a little too loyal. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Youll remember that when the first big bubble came, which was the South Sea bubble in England back in the 1700s, it created such havoc eventually when it blew up that England didnt allow hardly any public trading and securities of any companies for decades thereafter. DAILY JOURNAL CORPORATION. And, pretty soon, he turned that into this gloriously prosperous place. The Manual of Ideas Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. Gerry has done magnificently well. CI. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. Question: Do you believe the market is going through a long-term value slump similar to 1999, or do you believe technology has caused a permanent change in how companies should be valued? Thats entirely due to the practical talent of Lee Kuan Yew. to see more advanced email alert options such as selecting any type of Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Put me down as skeptical. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. Thats been greatly curtailed. The mantra he said over and over again is very simple. Everything you see is profit. Every value investor tries to get more value than he pays for. Industry Insights Summit Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Charlie Munger: I dont have any wonderful new thoughts. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. You are going to be flabbergasted. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? But its hard for anybody. A little wisdom in spouse selection is very desirable. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. If its not good enough for Berkshire, shouldnt we have the same standards? Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. Gerry, dont you think were doing pretty well? Because of that fact, it's of the utmost importance for companies to maintain strong . How would you advise these institutions to manage their endowments over the coming decades? So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. Charlie Munger: Thats too hard in general a question for me. Sign-up Charlie Munger: Well, we dont really know where its all going. Market Holidays Daily Analyst Ratings Daily Insider Trading. How do you recognize a potential downfall in a company you hold/invest in? I think civilization would do better without it. Question: Do you think value investing is still relevant in a GDP-decreasing world? Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq The number of people who ever got a chance to do it again is zero. Quickly find out what the most recently closed or increased positions are. All rights reserved. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. He said, figure out what works and do it. Tom Gayner, Adds value to my research process. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. John Lambert, First class in every way. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. When completed, an email will be sent to the email address you specify When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Generally speaking, people assume that were a normal software company like Microsoft or something. The daily journal stock sells way above the price I would pay if I was buying new stock. Theyve got a better reputation for providing value than practically anybody, including Amazon. I think people have the theory that any intelligent hardworking person can get to be a great investor. Many of our systems are in the cloud. Daily Journal Corp. Who is MOI Global? Question: Can you share some parting thoughts with the viewers who are watching all around the world? VP of Publications & Sec. We admire the company and like its position. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. the MV of securities sold, whichever is less, 915 East First Street. Since the annual event first launched in 1996 . Rose Blumpkin had quite an effect on the Berkshire culture. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it.
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