We do, as Charlie indicates, have a lot of travel. #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. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. And I dont know whether hes right or not. Of course, if he had a chance to do it over again, he would avoid those mistakes. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Knowledge and know-how can act as an almost indestructible moat for a companys competitive position and growth prospects. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Charlie Munger: I would go further. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. It's always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. What would be a mistake at the Daily Journal which we can all learn from? Will we have fewer gas stations or truck stops in the future? Trending Stocks. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. 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. He was old as I am. Of course, it really helped to know everybody in town. Create Email Alert, ***Log In or And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. Thats been greatly curtailed. 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. All the good things. In his early education, he was the second-ranked student in the school. The daily journal stock sells way above the price I would pay if I was buying new stock. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Question: What would management [of Daily Journal] do with a sudden windfall of profits? Is it Bitcoin, decentralized finance, or something else? He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. God knows it was difficult but I dont think its a mistake. And thats the right way to do it. I think the oil and gas industry will be here for a long, long time. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. Copy and paste multiple symbols separated by spaces. And, of course, its going to create trouble as it did. And I think thats what shareholders do. Or, has the digital revolution caused enormous productivity improvements in those businesses? The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. Generally speaking, people assume that were a normal software company like Microsoft or something. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. I would imagine that applies to the broad market too. He knew everybody and everything. 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. Question: Charlie, you are known as an advocate for learning from ones mistakes. The Daily Journal Corp office and employees reside in Los Angeles, California. But he knew how to learn what he didnt know. . Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. He doesnt mind at all not getting credit for his charitable donations. And thats the way Eugene was in his community. How would you advise these institutions to manage their endowments over the coming decades? At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. I feel the same way about those choices. That happystat has more to do with their happiness and their outcomes in life. 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. Ive been engaged in recent years in trying to create a better type of student dormitory. I never buy any and neither does Daily Journal. The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Asian Investing Summit 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. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. He took over a malarial swamp with no army, no nothing. Performance Ill paraphrase here. I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. But I dont think thats going to end up with a mistake. Rose Blumpkin had quite an effect on the Berkshire culture. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. I have a bust of Lee Kuan Yew in my house. When autocomplete results are available use up and down arrows to review and enter to select. Question: What is the biggest lie currently being perpetuated by the investment complex? Charlie Munger: I think I had the right temperament. Charlie Munger: Well thats an easy one. It doesnt happen anymore. Best Ideas Omaha We use cookies to ensure that we give you the best experience on our website. . [The questioner] would like to know what Charlies method of learning is. Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. One thing I can promise is that I wont contribute much to it because I dont understand it. It wasnt some malevolence of the rich that caused it. Since the annual event first launched in 1996 . The mantra he said over and over again is very simple. And there was one woman who was a year older than he was who was the first-ranked student in the school. 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). Costco I do think has one thing that Amazon does not. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. Intellectual Property I think theyd run rings around me. So he was just a perfect banker if you wanted never to have any trouble. And his conclusion is that mankind should just step up to it and do it. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. 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. Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? 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 . Theres an old German proverb Ive always liked. You get crazy booms. This years annual report suggests that the traditional business has 97 full-time employees. 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 . How do you recognize a potential downfall in a company you hold/invest in? If you try and reduce the poverty too much, its counterproductive. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. He was very courageous and generous in helping everybody around him all his life. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Membership Tour I dont know the answer. And so, the stock went way up. Featured Content Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Los . MOI Global en Espaol. Many, but not all SEC filings are available in the SEC's EDGAR database. Previously, Buntain worked at The Carlyle Group, where he . Question: We have a couple of questions about J.P. Rick Guerin. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? I dont think that hydrocarbons are going. Charlie Munger: I have seen an episode or two of the Queens Gambit. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. The majority of the companies in the funds portfolio are large-cap stocks. And that institution has two assets in its endowment account. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. You must have a subscription to view WhaleScore histories. And if there is one thing the world could learn from Singapore, what would that be? 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. And some types of real estate in recent years has been particularly difficult. Question: My question concerns China. The Hamilton Live 600 14th Street NW But theres also a large risk of losing it coming from within an organization. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? What could investors do to cope better with periodical frenzy? On the other hand, it could be handled. I dont think Im likely to have any new thoughts that are going to work miracles either. Has the quality gone down? European Investing Summit Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. Type a symbol or company name. Everything you see is profit. A single vial can cost upwards of $300, meaning a monthly cost of $1,000. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. 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. Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. Of course, that made him very leery of dumb loans. 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. And what he does is he sells about half of them always. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? 915 E. 1st Street. Always on point. VP of Publications & Sec. Youve even said business schools that dont adopt this method are doing their students a disservice. Many, but not all SEC filings are available in the SECs EDGAR database. regarding their board of directors using the Board Diversity Matrix. Latticework London Gerald Salzman: Well, we dont think about mistakes. 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? Gerald Salzman: Charlie refers to the courts, many times. 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. On Tuesday, March 7, 2023 at 11:00 a.m. Eastern Time, Michael West, President of Moody's Investors Service, and Shivani Kak, Head of Investor Relations, will speak at the Raymond James . In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. But he could play chess blindfolded at just below the Grandmaster level. Theres a lot of competition and were a very small company compared to our main competitor. 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. What do you think of all of the SPACs and the promoters pushing them? 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 . In Singapore, you get a savings account the day youre born. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. You dont need to worry about them. 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?. Ellen Ireland will be inspector of elections. Charlie Munger: Well, I dont participate at all. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. And my advice would be if you have a fixable disadvantage, remove it. Charlie Munger: Were really old both of us. Titan International, Inc. c/o Investor Relations 1525 Kautz Road, Suite 600 West Chicago, IL 60185 investor.relations@titan-intl.com Board Contact Information Written correspondence for any member of Titan's Board of Directors may be sent to their attention: Titan International, Inc. c/o Corporate Secretary 2701 Spruce Street Quincy, IL 62301 The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. 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? With no analysts or investor relations department, few understand the transformation that has occurred. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. This information can be used by investors to verify and understand the financial position of the company. But theres no rule that life has to be easy on the mental side. And that is why Costco presents some danger to Amazon. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. I think were into a lot less travel and a lot more Zooming. 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. So, you can understand why Warren got disenchanted with Wells Fargo. 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. and a top 10 holdings concentration of 100.0%. But Im flabbergasted at how well theyre doing. I think when difficulty comes, I expect to have my share. Many of our systems are in the cloud. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. They just copied Adam Smith and left out the free speech and it worked fine for them. N/A: N/A: N/A: . The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. As we can see from the deteriorating U.S. relationship with China, the Western world does not understand China. But everybody cant be better than everybody else. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladi | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco Garca Params | Bob Robotti | Franois Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. Schwartz | Josh Shores | Guy Spier | Murray Stahl | Sean Stannard-Stockton | Lauren Templeton | Will Thorndike | Elliot Turner | Michael van Biema | Arnold van den Berg | Marcos Veremis | Ed Wachenheim | Amit Wadhwaney | Adrian Warner | Andrew Wilkinson | Jay Willoughby | Josh Wolfe | Don Yacktman | Tim Yates, MOI Global | The Membership Community of Intelligent Investors. 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. Its such a simple idea. We have different tax considerations. Charlie Munger: I think Ive learned to avoid zoning work. Can you speak to the causes, the trend, and make some predictions? The Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. 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. 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 partly culture but a lot of it is just born in and its a quirk. There are certain behavioral rules. Thought Leader Series. And, I think that could happen, but, of course, thats not a sure thing. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. The two most similar investment funds to Daily Journal Corp are Platform Technology Partners and Mtm Investment Management. 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. Accounting is also in the cloud. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Buffetts donations to the foundation have obviously helped to save many millions. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Practically everybody does that. Request Information And, I was always aware of that and so Ive accepted these damned annual meetings. He was that smart. And, we hope to do well in it. So, the people part has changed quite considerably being a small company. And I think, by and large, we made the most practical decisions that were available to us. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? How do you decide to hold on to a stock or sell some? -144-01 clinical trial in advanced melanoma during SITC in November 2022 and in a subsequent companion publication in the Journal for ImmunoTherapy of Cancer . containing a link to download the .zip file of the CSV file(s) you requested. So, I think you can count on the fact that what were doing is going to be a big growing field. CORRECTION - Daily Journal Corporation Announces Financial Resultsfor the Three Months.. Daily Journal Corporation Announces Financial Results for fiscal year ended September 3.. Daily Journal Corporation Announces Financial Results for the three months ended Decemb.. Daily Journal Corporation Announces Financial Results for fiscal 2017 ended September 3.. Daily Journal Corporation Announces Financial Results for Fiscal 2016 ended September 3.. Daily Journal Corporation Announces Financial Results for the Three Months Ended Decemb.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year Ended September 3.. Daily Journal Corporation Announces Financial Results for the Nine Months Ended June 30.. Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31.. Daily Journal Corporation Receives Notice Regarding Non-Compliance With NASDAQ Listing .. Daily Journal Corporation : Announces Financial Results for the Three Months Ended Decembe.. Daily Journal Corporation : Announces Financial Results for the Fiscal Year ended Septembe.. Daily Journal Corporation : Announces Financial Results for the Nine Months ended June 30,.. Daily Journal Corporation : Announces Financial Results for the Six Months ended March 31,.. Interim 2023 Earnings Release (Projected), THE NEW YORK TIMES COMPANY : Q1 2023 Earnings Release (Projected), NEWS CORPORATION : Q3 2023 Earnings Release (Projected), REACH PLC : Interim 2023 Earnings Release, Daily Journal, long overseen by Charlie Munger, halves stake in China's Alibaba. Daily Journal Corp closed its position in Posco Adr on 5th January 2023. Alt Turnover is calculated by taking either the total MV of new purchases or The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . 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. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. 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. And in biology, what happens is the individuals all die, and eventually, so do all the species. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Theyve served us well over the years. Where does it appear most egregious? The death tax in China is zero. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. We paid two and a half million for it. He loved to kid people. I admire him that much. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. 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? I prefer the United States. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Its difficult, but its not impossible investing in bank stocks successfully. 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. I dont follow that practice but I dont criticize it either. I think people have the theory that any intelligent hardworking person can get to be a great investor. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Look around all this real estate. It sold the previously owned 9,745 shares for $357 thousand. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. $174 million and $174 million respectively. He had excellent judgment. Chairmans Letter A lot of the good rules of life are like that. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. And I think both of us have done the same thing; we just suck it in and cope. On the other hand, we have a fair amount of time to do it. 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? The stock has gained so much this year and last year. 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. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Contact. But show me a psychology department that knows how to do that. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. And that isnt necessarily right for its customers. Just think of the things that were once prosperous that are now in failure or gone. I hope that that will continue in the future. 75% of the total holdings value. [2]: How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? And, of course, thats a very dangerous way to invest. You are limited to the prior 8 quarters of 13F filings. Charlie Munger: I dont have any wonderful new thoughts. All rights reserved. Our editorial system and our advertising system are all in the cloud. Were going to bust our ass to try and do a good job. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. I hope the newspaper survives too. Youve reached the limit of my circle of competence. He had a long and wonderful run. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Question: What is the wisdom behind holding bank stocks compared to other stocks. Gerald Salzman: Always upbeat, yes.