Capitalism is almost as brutal as that. We would all say that. But theres also a large risk of losing it coming from within an organization. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. And that isnt necessarily right for its customers. DAILY JOURNAL CORPORATION. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? And the next time around the poor will get richer faster than the rich. SEC Form 13F Filing History. Daily Commerce. 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. I think all good investing is value investing. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. 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. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Its doing a big public service. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. While historically a legal newspaper publishing company, today DJCO operates a SaaS business model providing case management software to courts and government agencies around the U.S. and the world. This years annual report suggests that the traditional business has 97 full-time employees. Ideaweek St. Moritz Charlie Munger: I dont think you can make that a moral responsibility. 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. In recent years, The Manual of Ideas has expanded to become more than simply the very best investing newsletter on the planet (Mohnish Pabrai). Industry Insights Summit 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. I admire him that much. The bad news is its not clear whos gonna win all the business or how much money is going to be made. Theyve served us well over the years. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. New species are created and old species are dying. Daily Journal Corp is based out of Los Angeles. 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 oil and gas industry will be here for a long, long time. Charlie Munger: Were really old both of us. 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. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Charlie Munger: Its quite importantpart of the success of a company like Costco. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. When completed, an email will be sent to the email address you specify Charlie Munger: Well, thats a very good question. 306.00. Of course, that history is useful to know. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. Gerald Salzman: Always upbeat, yes. -, 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. I was very lucky. You know, its just, its incredible whats happened in terms of the destruction. But, I dont think Ive got a lot to contribute. And I applaud the result. Theyre in a place thats gotten more valuable. Are they more stable? I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. 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 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? VP of Publications & Sec. Charlie Munger: Yes, I think that is rising as we sit here. How do you decide to hold on to a stock or sell some? The Zurich Project I just see more and more of the rich people leaving. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Charlie Munger: Its very hard to have a shrinking business. 75% of the total holdings value. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. And what he does is he sells about half of them always. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. 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. Gerry and I have been together, how many years Gerry? When these people go, there is none replacing them. They do way more good than harm. Los Angeles, California 90012 . And, I was not surprised when it blew up. It doesnt happen anymore. You know what her mottoes were? Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Is there any new material? She created a business with like 500 depression dollars that became a huge business. February 26, 2021 / Richard Lewis / 6 Comments. Of course, its going to be difficult. February 12, 2020 . 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 I think the Chinese were very smart. You are limited to the prior 8 quarters of 13F filings. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. If its not good enough for Berkshire, shouldnt we have the same standards? Your proxy in the enclosed form is solicited by the Board of Directors of the Company for use at the Annual Meeting of Shareholders to be held on February 12, 2020 at 10:00 a.m. Pacific Standard Time, at The Center at Cathedral Plaza, at 555 W . 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. On the other hand, we have a fair amount of time to do it. He gasped and said, but hes never had anything to do with newspapers or anything else. If you stop to think about it, business success long term is a lot like biology. 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. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. Of course, it really helped to know everybody in town. Charlie Munger: Early 70s. A lot of the old moats are going away, and, of course, people are creating new moats all the time. Charlie Munger: Well thats an easy one. And some types of real estate in recent years has been particularly difficult. Many of our systems are in the cloud. Its a very dishonorable low-grade way to talk. They are joining the modern world very rapidly and theyre getting very skillful at operating. What are the psychological implications of this type of market behavior? The fund focuses on investments in the United States as 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. What are his thoughts on modern monetary theory? I think that that will probably continue. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. Always tell the truth and never lie to anybody about anything. Charlie Munger: Real estate has always been a difficult field. By the way, thats not the normal outcome in America. I learned those tendencies well enough to synthesize it with the rest of knowledge. 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 why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Its difficult, but its not impossible investing in bank stocks successfully. 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: I think I had the right temperament. Nobody was trying to make the rich richer. Have you seen the television show Queens Gambit on Netflix? What were the lessons learned? USD. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. 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. Previously, Buntain worked at The Carlyle Group, where he . Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. A rich civilization can afford to do it if we absolutely have to. I think theyre a bad investment when interest rates are this low. I dont think that hydrocarbons are going. I recommend that other people follow my practice. But the accountants are duly elected. And, of course, when things get extreme you have things like that short squeeze. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. Gerry has done magnificently well. The meeting was held on February 24, 2021. Everybodys got a different situation. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? . Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. Tilly's, Inc. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? I feel the same way about those choices. And I think, by and large, we made the most practical decisions that were available to us. I think theyd run rings around me. And I just think it was academically inconvenient for them. He was just a very old-fashioned sound thinker. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. We hope theyll continue doing magnificently well. Since the annual event first launched in 1996 . BYD stock did nothing for the first five years we held it. I was good at having low expectations and that helped me. Webcast. He had a long and wonderful run. Can U.S. Treasury bonds be such a case today? Its such a simple idea. And were gonna play that as hard as we can. 2021 Quotemedia. Well, I dont think the quality of publishing public notice advertising has gone down. -, 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, Secretary & Executive Vice President-Publications, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. But I wont be following him. 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. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. And so, we cant promise were going to succeed. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? Question: What books are you currently reading and what can you reccomend? If you continue to use this site we will assume that you are happy with it. He didnt know one damn thing about the Daily Journal when we made him head of it. These symbols will be available throughout the site during your session. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. the total portfolio value. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. FOR ANNUAL MEETING OF SHAREHOLDERS. Code of Business Conduct and Ethics; Whistle Blower Policy; Shareholder Rights Agreement Annual Meeting of Stockholders Date: June 13, 2022 Time: 10:00 a.m. EDT Location: Hilton McLean Tysons Corner and a top 10 holdings concentration of 100.0%. What else can you do? I dont think Ive got any great insight about hydrogen. 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? It says that man is too soon old and too late smart. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. So human greed and the aggression of the brokerage community create these bubbles from time to time. 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. I dont know the answer. When I look at the modern Singapore health system, it costs 20% of what the American system costs. We have our crotchets and I just dont know enough about it to want to go into that activity. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. And thats the way Eugene was in his community. On the other hand, it could be handled. We bought all these buildings cheaply. And I dont think youll find me engaged in the massive rezonings in the future. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Nobody should believe that Robinhoods trades are free. 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. Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Its not generally noticed by the public but clearinghouses clear all these trades. Thats what weve been doing throughout my whole lifetime. And, he was very good company and a splendid gentleman. Performance numbers calculated through 2023-02-14. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? These positions were updated on January 5th based on the funds latest 13F filing. Ellen Ireland will be inspector of elections. Everything you see is profit. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. 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. So, no I dont think its the responsibility of management to assure where the stock sells. 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. About the awards. Information and insights on key investors, paired with strategic outreach to help corporations capitalize on relationships. #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathaway Yahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($DJCO) Annual Meeting with Chairman Charlie. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. 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. It closed the year with cash flow reaching $7.1 billion . Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. Daily Journal Corp - Portfolio Holdings, AUM (13F, 13G At KB Home, social responsibility means investing in the relationships we have with our employees and within our communities. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. 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. 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. The disruption from the decline in newspapers has had a significant impact. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Local Chapters 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. CI. Charlie Munger: You have to be optimistic about the competency of our technical civilization. If you dont spend the money, you and your heirs get to spend it eventually. Question: Charlie, you are known as an advocate for learning from ones mistakes. But I dont think everybody can be a great investor or a great chess player. And, of course, its regrettable. 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? And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Daily Journal Corps portfolio is diversified across 3 sectors. So he was just a perfect banker if you wanted never to have any trouble. Timeless Selections So its a very theoretical discussion. Thats the good news. No, I dont think I have anything to contribute. 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. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. I dont think we have made a lot of horrible mistakes. divided by the total MV of the fund. There are companies that Daily Journal Corp is getting rid of from its portfolio. I regard this as insanity. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? And if its unfixable, learn to live without it. 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. So it gets very dangerous. You can hardly think of anything more important in life than being reliable for the people who trust you. I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. But, I find that the old ways of doing things still work. Of course, its hard to negotiate in such a field. Non-members may peek into the world of MOI Global via limited access. 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. When it gets difficult, I dont think theres any automatic fix for difficulty. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. 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? And that is why Costco presents some danger to Amazon. Contact the transfer agent for answers concerning the subjects below: Dividend reinvestment plan Lost or stolen certificates Stock transfer requirements American Stock Transfer & Trust Company, LLC 1-877-864-4750 Email: info@astfinancial.com Web site: www.astfinancial.com 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. Bitcoin reminds me of what Oscar Wilde said about fox hunting. When I was young, I rezoned some properties very successfully. At this rate, he'll likely (hopefully) reach the longevity of Irving Kahn. We use cookies to ensure that we give you the best experience on our website. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. LOS ANGELES, CA It was an accident. Ive been around for a long time and my policy has always been to just write them out. I expect less out of bankers than he does. But I do admire what the Chinese have done. Thats a really good rule. Culture is very important. We love it anyway. Part of the reason for that was cultural. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. Youre right. He was a very smart man. We miss Rick terribly. And thats not a sure thing either. 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: Well, I dont think I know exactly what the future of banking is and I dont think I know how the payment system will evolve. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. Tilly's, Inc. 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. Thats the nature of capitalism. When autocomplete results are available use up and down arrows to review and enter to select. Gerry, dont you think were doing pretty well? Washington State is actually considering a wealth tax at the state level. And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. Podcasts enable members to enjoy content in a convenient format. Thought Leader Series. What do you think of all of the SPACs and the promoters pushing them? Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Or, has the digital revolution caused enormous productivity improvements in those businesses? Its just not gonna work. 2022 Junto Investments, all rights reserved. Question: How important is the analysis of company culture in the investment process? At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. 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 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). Corporate Governance Daily Journal Corporation's ISS Governance QualityScore as of February. We are in fact being a more difficult type of software business than Microsoft. I dont think I can teach you how to retroactively get a new accident yourself. Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Were not enlarging it. Theres hardly anything he touched he didnt improve. Whalewisdom has at least 38 13F filings, and 33 Form 4 filings. Chinas economic record among the big nations is the best that ever existed in the history of the world. We have offices in all the major cities in California and also in Logan, Utah. If you dont have master the rest of the knowledge you cant synthesize it with psychology. We take the situation as it is and try to solve it. I dont think its like the newspaper business. I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money.
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