Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Because we have the proxies those directors are now reelected. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. But, of course, I think there will be more automation in transportation of all kinds in the future. 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. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Have you seen the television show Queens Gambit on Netflix? The Frankfurt Conversation, I got more out of Ideaweek than any investing-related event Ive been to since 1986. Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy. That recognized reality and worked way better than what other people were doing. 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. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. All-Time Favorites Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. LEARN MORE. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. 2021 Quotemedia. Gerald Salzman: Well, we dont think about mistakes. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. The total portfolio value may be much higher due to cash I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. With no analysts or investor relations department, few understand the transformation that has occurred. Gerry, can you ever remember Rick down? However, could you be more specific? 915 E. 1st Street. I think that would be insanity. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. Charlie Munger: Early 70s. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Is there any new material? Charlie Munger: I dont think I have a lot of wonderful advice about starting a business but what youve learned in the pandemic is that we can do with a lot less travel and a lot more Zooming. Take Gerry. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. DAILY JOURNAL CORP Investor Relations Director Salary | Salary.com At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. That doesnt happen. I predict that if they do that, a lot of people will leave Washington. Everybodys got a different situation. 306.00. divided by the total MV of the fund. Everybody is. If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it but. That turned out to be a wonderful idea and thats one of the reasons we made all this money. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Tom Gayner, Adds value to my research process. It operates through the Traditional Business and. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. And were gonna play that as hard as we can. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. Copy and paste multiple symbols separated by spaces. The wealth management industry has a crisis on its hands. DJCO Stock Price & Charts | Daily Journal The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. And thats not a sure thing either. I do think banking run intelligently is a very good business. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. But, of course, its a very difficult field. Charlie Munger speaks at the Daily Journal Annual Meeting Role of Investor Relations - Corporate Finance Institute To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Daily Journal Corporation (DJCO) Company Profile & Facts - Yahoo! Good Earnings for Salesforce Might Give Activist Investors a Chill Pill You fix what you can fit, and what you cant fix, you endure. Everything you see is profit. Daily Journal Corporation - Wikipedia He was just so damn smart. djco20191220_def14a.htm - SEC Daily Journal Corp 13F annual report (2023) | wallmine You are going to be flabbergasted. 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 Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Commission-free trading is not free. I do think that Im way less afraid of inequality than most people who are bleeding about it. for Q4 2022. Culture is very important. 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. I think theyre a bad investment when interest rates are this low. That way, whatever happens, he feels smart. And that institution has two assets in its endowment account. And, of course, when things get extreme you have things like that short squeeze. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. And my advice would be if you have a fixable disadvantage, remove it. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Investment Ideas Investors play a major and vital role in the success and growth of a company. 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). Question: What would management [of Daily Journal] do with a sudden windfall of profits? This is a highly desirable thing. I recommend that other people follow my practice. And I dont think youll find me engaged in the massive rezonings in the future. Intelligent Investing in Crisis Mode. Costco I do think has one thing that Amazon does not. When autocomplete results are available use up and down arrows to review and enter to select. 50.0% of the portfolio companies Theyve got a better reputation for providing value than practically anybody, including Amazon. We are subject to the orders and directions of those counties which, before, really didnt impact anything. Los Angeles, California 90012 . And there arent many people that can do that. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. Webcast. DJCO | Daily Journal Corp. Company Profile & Executives - WSJ A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. I think were into a lot less travel and a lot more Zooming. Have you considered amending this quote or lowering your standards? I do think the present CEO is an extraordinarily able man and the directors made a very wise choice when they put him in charge. I think civilization would do better without it. Announces Participation in 2023 ROTH Conference and 2023 UBS Global Consumer and Retail Conference. to see more advanced email alert options such as selecting any type of 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. And I think that were crazy to allow it. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. But I dont think everybody can be a great investor or a great chess player. Question: Charlie, you are known as an advocate for learning from ones mistakes. Of course, his son, who is a bright man, is now Prime Minister of Singapore. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. If you dont spend the money, you and your heirs get to spend it eventually. And they dont do that very wellIm talking about the business schools. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of . And, of course, its going to create trouble as it did. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. We have different tax considerations. It also serves as a newspaper representative specializing in public notice advertising. 2022. Gerrys lived a long time too and I think we both have been lucky. A lot of the old moats are going away, and, of course, people are creating new moats all the time. 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. Nothing contained on junto.investments constitute a solicitation, recommendation, endorsement, or offer by Junto or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. It also serves as a newspaper representative specializing in public notice advertising. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. DATAROMA Superinvestors Portfolio Holdings Charlie Munger - Daily Journal Corp. Period: Q4 2022 Portfolio date: 31 Dec 2022 No. And we cant go to many offices because theyre closed. I expect less out of bankers than he does. Charlie Munger: Its very hard to have a shrinking business. We take the situation as it is and try to solve it. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. Youve even said business schools that dont adopt this method are doing their students a disservice. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. Charlie Munger: I have seen an episode or two of the Queens Gambit. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. Charlie Munger: I think I had the right temperament. It sold the previously owned 9,745 shares for $357 thousand. Well, I dont think the quality of publishing public notice advertising has gone down. 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, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. 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. So, you can understand why Warren got disenchanted with Wells Fargo. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. 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. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. 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. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. And if there is one thing the world could learn from Singapore, what would that be? And yet he made a lot of mistakes in the course of living his life. Charlie Munger: We will not be following Tesla into bitcoin. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. email address below and choose 'Submit'. Bruker Corporation to Present at Investor Conferences Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. 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: Full Transcript of the 2021 Daily Journal Meeting - Junto Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Daily Journal Corporation's ISS governance QualityScore as . I hope the newspaper survives too. His method for doing it was so simple. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. The stock has gained so much this year and last year. Question: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with the courthouse software. Daily Journal Corp - Filing History - Charlie Munger - Fintel The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Mitch Gellman - Investor Relations & Strategic Adviser - LinkedIn Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? What else can you do? He was just a very old-fashioned sound thinker. Prior to forming Peterson Capital Management, LLC and launching Peterson Investment Fund I, LP, Matthew split time between Wall Street and London as Capital Markets Manager in the Financial Services Vertical at Diamond Management and Technology Consultants. Wheaton Precious Metals Corp. - Investors When I look at the modern Singapore health system, it costs 20% of what the American system costs. Rick was always humorous. Im afraid thats the way we all have to leave our swords. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. Daily Journal Corporation Company Profile | Los Angeles, CA 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. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? 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. The death tax in China is zero. The votes in favor of that are 995,356 against 120. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. So its very difficult. All rights reserved. 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. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Thats been greatly curtailed. But Henry was a genius. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? You know what her mottoes were? One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Would you share a few stories about him and your fondest memory? We will now proceed to the question period. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. 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? Everyone knows this isnt a small cap Berkshire Hathaway. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Have you met Lee Kuan Yew in person? They do way more good than harm. I think all of this activity is regrettable. Thats our system. 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! Investor Letter Excerpts I would be curious to know how you started your interest in Singapore and Lee Kuan Yew. News Corp Announces Acquisition of Investor's Business Daily And we probably have more of those shortcuts than others. 2023, Nasdaq, Inc. All Rights Reserved. The disruption from the decline in newspapers has had a significant impact. All except for the legal advertising system which we had to build because nobody else has the volume that we have. What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. Who is MOI Global? And so, we cant promise were going to succeed. These symbols will be available throughout the site during your session. Ive been around for a long time and my policy has always been to just write them out. Value investors know Warren Buffett's classic retort to efficient market theory, "The . I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. And, of course, thats a very dangerous way to invest. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? The meeting was held on February 24, 2021. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript - Junto Daily Journal Corp's portfolio is diversified across 3 sectors. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Charlie Munger: I think Im alive because of a lucky genetic accident. 915 East First Street. Of course, that made him very leery of dumb loans. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Question: Mr. Munger is a champion of Chinese stocks. Of course, its going to be difficult. But he was 90 years of age. How are they similar or different? 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. Always tell the truth and never lie to anybody about anything. Copyright 2023 Surperformance. I have a very simple idea on the subject. But, but by and large, most of the knowledge has been available for a long time. And some bankers yield to the temptations. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. 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? Investor Overview | Graham Holdings Company I think I would have lived a long time if I had lived a different life. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Daily Journal Corp is based out of Los Angeles. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. and a top 10 holdings concentration of 100.0%. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Its difficult, but its not impossible investing in bank stocks successfully. Theres hardly anything he touched he didnt improve. Alt Turnover is calculated by taking either the total MV of new purchases or I think the oil and gas industry will be here for a long, long time. The average market cap of the portfolio companies is close to $220 billion. Hed been a receiver for a bank. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Knox Lane hires Buntain to head investor relations | PE Hub There arent that many people like Lee Kuan Yew that have ever lived. I dont define that as value investing. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. Question: Should there be a tax on buying stock now that Robinhood trades are free? Moody's Corporation to Present at Investor Conferences Put me down as skeptical. But, of course, if we got a chance to do it again, we would do it better. Of course, that history is useful to know. Its just not gonna work. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. As of 29th December 2022, Daily Journal Corps top holding is 2,300,000 shares of Bank Of America currently worth over $76.2 million and making up 43.7% of the portfolio value. Subscribe to WhaleWisdom to view all filing data LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Industry Insights Summit #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie.