I think you should try and make your money in this world by selling other people things that are good for them. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). And I just think it was academically inconvenient for them. 915 E. 1st Street. And thats the right way to do it. Ten Charts That Show World Economy's Turbulent Course Over 2022 Market Data Stocks Commodities Rates & Bonds Currencies Futures Sectors View More Markets Economics Economics Indicators Central. I think its much easier to find five than it is to find a hundred. In 1978, the year Deng Xiaoping took over, it was 300. Latticework London That happystat has more to do with their happiness and their outcomes in life. Meet-the-Author Summer Forum I feel the same way about those choices. You once said to study the life and work of Lee Kuan Yew. And, of course, its all worked. He knew everybody and everything. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Has the quality of the publication suffered as the employment levels have decreased? The Zurich Project Latticework New York You are going to be flabbergasted. You know, its just, its incredible whats happened in terms of the destruction. And I think the world would be better off without them. Chuck Royce. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. I dont know which is worse. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? So, its a very interesting competitive field. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. +2.68%. He was just so damn smart. 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. It also serves as a newspaper representative specializing in public notice advertising. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. It operates through the Traditional Business and. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. I recommend that other people follow my example. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. The disruption from the decline in newspapers has had a significant impact. Those are pretty good rules and theyre pretty simple. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. [2]: Appian: Well-Positioned Platform for Building Enterprise Software, PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business, Interactive Brokers: Automated, Low-Cost, High-Margin Business. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. 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. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? This very special event honors excellence in the investor relations profession across the US and we are excited to welcome everyone for an evening of fine food, dancing and lots of celebrating! But theres no rule that life has to be easy on the mental side. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call. The stock appreciated probably way more than intrinsic value. He was very courageous and generous in helping everybody around him all his life. I kind of admire the way Bill takes on these very hard problems. But you know, most people dont do that. Its too volatile to serve well as a medium of exchange. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. Im not saying I wanted to live in China. Similar Job Titles: And I think that were crazy to allow it. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States. I do think that Im way less afraid of inequality than most people who are bleeding about it. A lot of things are going to change. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. We miss Rick terribly. We were trying to save the whole economy under terrible conditions. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod- ucts. There are companies that Daily Journal Corp is getting rid of from its portfolio. Were not enlarging it. Are they more stable? Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Gerry and I have been together, how many years Gerry? 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. And the next time around the poor will get richer faster than the rich. Investor Relations & Corporate Communications 650-260-7120 ext. He was that smart. 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. That doesnt happen. And we probably have more of those shortcuts than others. 2023, Nasdaq, Inc. All Rights Reserved. All rights reserved. I think management should tell it like it is at all times and not be a big promoter of its own stock. How would they think about current opportunities with low rates and low inflation? But he could play chess blindfolded at just below the Grandmaster level. I admire him that much. Under Nasdaq's Board Diversity Proposal, operating companies listed on Nasdaq's U.S. exchange, including Daily Journal Corporation (DJCO), are required to publicly disclose diversity statistics . I think Im a little more lenient. They really need the world to stay the way it is. Daily Journal Corp is based out of Los Angeles. I think that inequality is absolutely an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. Questions: Why are some people incapable of learning new ideas and behaviors? Im not trying to move mountains. 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 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. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. 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. You dont need to worry about them. 915 East First Street. When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. Of course, people behave more sensibly when theyre spending their own money. But the Chinese have proved that you dont need free speech to have a wonderful economy. And I think thats what shareholders do. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? I think all of this activity is regrettable. Thank you for all you do to educate us. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. Generally speaking, people assume that were a normal software company like Microsoft or something. He really knew everything you had to do to avoid credit losses in a small town in Illinois. Member of equity research team highly ranked by Institutional Investor and The Wall Street Journal. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. He was a one party system but he could always be removed by the electorate. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. This information can be used by investors to verify and understand the financial position of the company. This Week in Intelligent Investing. 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. I think that that will probably continue. And what are the implications, since Treasury assets underpin the value of every other asset? Get the latest articles and insights directly to your email inbox. Ratios & Margins Daily Journal Corp. All values updated annually at fiscal year end Valuation P/E Ratio (TTM) - P/E Ratio (including extraordinary items) - Price to Sales Ratio 6.55 Price to Book. Sign-up That turned out to be a wonderful idea and thats one of the reasons we made all this money. 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. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. 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 A passionate, seasoned, internal Investor Relations strategist, executioner, demand-builder and teammate proactively taking a Company's story to Wall Street -- one ticker at a time | Learn more . It was an accident. . Nobody was trying to make the rich richer. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. Practically everybody does that. Youve reached the limit of my circle of competence. The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Quickly find out what the most recently closed or increased positions are. The hydrocarbons are also needed as chemical feedstocks. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. 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. He had a long and wonderful run. Charlie Munger: Were really old both of us. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES.. Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30.. Daily Journal : Fiscal Q2 Earnings Snapshot. Has the quality gone down? About the awards. Have you met Lee Kuan Yew in person? They manage And some types of real estate in recent years has been particularly difficult. Its a very dishonorable low-grade way to talk. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. But he was 90 years of age. Its a funny way to make money. There are factories in China that are just absolutely full of robots and are working beautifully. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Question: You identified the opportunity in electrification and invested in BYD. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. What are his thoughts on modern monetary theory? N/A: N/A: N/A: . Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Do Not Sell My Personal Information (CA Residents Only). 306.00. And thats not a sure thing either. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Click the button below to request a report when hardcopies become available. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? We hope theyll continue doing magnificently well. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. the total portfolio value. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. What do you make of these two pricings? So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. That recognized reality and worked way better than what other people were doing. Throughout the transcript below, I have included clickable links to my notes and articles . If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. It doesnt happen anymore. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Tom Gayner, Adds value to my research process. Charlie Munger: Yes, I think that is rising as we sit here. Of course, his son, who is a bright man, is now Prime Minister of Singapore. No, I dont think I have anything to contribute. They just copied Adam Smith and left out the free speech and it worked fine for them. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? 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. 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. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. 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%. His method for doing it was so simple. I prefer the United States. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. And I think wise people should just stay out of them. I recommend that other people follow my practice. Daily Journal Corporation has 1 stars. Nothing is particularly obvious for everybody to do the same thing. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. As for some of our technology, like eFiling for example, the courts are closed. Charlie Munger: I dont think so. 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. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBpConnect with Yahoo Finance:Get the latest news: https://yhoo.it/2fGu5BbFind Yahoo Finance on Facebook: http://bit.ly/2A9u5ZqFollow Yahoo Finance on Twitter: http://bit.ly/2LMgloPFollow Yahoo Finance on Instagram: http://bit.ly/2LOpNYzFollow Cashay.comFollow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV Could you share the secret to living a long, healthy, and happy life? The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. All rights reserved. And, for example, here, we must have 30 or 40 deaths. Im pretty easy on myself these days. Of course, that will still work. But he knew how to learn what he didnt know. He had excellent judgment. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. 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. Will we have fewer gas stations or truck stops in the future? Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Charlie Munger: Well thats an easy one. 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. 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. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. I think the world is gonna be quite different. But, of course, its a very difficult field. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. And like last year, you will in this note find a full transcript of the entire meeting. Its like evolution in biology. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Everything you see is profit. The majority of revenue is generated from Traditional business segment. If you continue to use this site we will assume that you are happy with it. Considering their system, that is not what he should have been doing. I hope that that will continue in the future. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. A lot of the old moats are going away, and, of course, people are creating new moats all the time. It closed the year with cash flow reaching $7.1 billion . Investment Ideas The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. I dont think Im likely to have any new thoughts that are going to work miracles either. 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. Youd say that everybody does that in their education but I dont think everybody does. I never buy any and neither does Daily Journal. The wealth management industry has a crisis on its hands. And, I was not surprised when it blew up. And, what about passive investing? When the pandemic is over, I dont think were going back to just the way things were. Charlie Munger: Thats too hard in general a question for me. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. If its not good enough for Berkshire, shouldnt we have the same standards? 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. February 12, 2020 . Best Ideas Omaha That is true and makes sense. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Look around all this real estate. But, I dont think Ive got a lot to contribute. And what did the Chinese communists do with respect to death taxes? If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. 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). As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. On Constellations trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the companys incentive system, and prospects for the use of FCF. Charlie Munger: Well, he was one of my closest friends for many decades. 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. What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? And, I think that could happen, but, of course, thats not a sure thing. Investor Relations (IR) combines finance, communication, and marketing to effectively control the flow of information between a public company, its investors, and its stakeholders. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. And, I was always aware of that and so Ive accepted these damned annual meetings. Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. I dont think that hydrocarbons are going. And my advice would be if you have a fixable disadvantage, remove it. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Theyve served us well over the years. Have you seen the television show Queens Gambit on Netflix? If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. You can hardly think of a decision that matters more to human felicity than who you marry. Questions: Many major businesses and high net worth individuals have been leaving California. Think of whats died in my lifetime. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Investor Letter Excerpts The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. divided by the total MV of the fund. Gerald Salzman: Well, we dont think about mistakes. Thats very, very important. I think the result would have been worse if either party had been in control all by itself for the whole period. Gerry, can you ever remember Rick down? That approach will never go out of style. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. It just created the most unholy mess. And, pretty soon, he turned that into this gloriously prosperous place. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie Munger.The meeting features Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger and DJCO President and CEO Jerry Salzman. 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.
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