But I dont think everybody can be a great investor or a great chess player. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. And he was a great kidder. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. 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. Charlie Munger: Well, we dont really know where its all going. 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. Gerry, you have a comment on that? 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. 2/13/23. So its very difficult. When it gets difficult, I dont think theres any automatic fix for difficulty. With no analysts or investor relations department, few understand the transformation that has occurred. On the other hand, we have a fair amount of time to do it. You once said to study the life and work of Lee Kuan Yew. And what are the implications, since Treasury assets underpin the value of every other asset? 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. Astronics Corporation (ATRO) Tilly's, Inc. The SEC requires all publicly traded companies, foreign and domestic, to disclose financial condition, operating results, management compensation, and other areas of their business on a regular basis. Ideaweek St. Moritz 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, to some extent, everybody buying medical services in Singapore is paying for it themselves. DJCO | Daily Journal Corp. Financial Statements - WSJ Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Could you share the secret to living a long, healthy, and happy life? They really need the world to stay the way it is. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? This information can be used by investors to verify and understand the financial position of the company. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Gerald Salzman: Well, we dont think about mistakes. Youve reached the limit of my circle of competence. Latticework Podcast Question: Last February, you spoke about the wretched excess in the financial system. Role of Investor Relations - Corporate Finance Institute LOS ANGELES, CA Charlie Munger: Yes, I think it must end badly but I dont know when. Now, it sounds like anybody would know that made sense. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . The bad news is its not clear whos gonna win all the business or how much money is going to be made. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Its chairman is Steven Myhill-Jones. Practically everybody does that. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. Question: Charlie, you are known as an advocate for learning from ones mistakes. Daily Journal Corporation Company Profile | Los Angeles, CA There are certain behavioral rules. 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 think most people who are assuming tolerable success in life are about as happy as they were ordained to be. 2021 Quotemedia. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. The death tax in China is zero. 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: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with the courthouse software. Currently, Daily Journal Corp's portfolio is worth at least $174 million. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Daily Journal Corp. - AnnualReports.com Most Recent Annual Report MOST RECENT 2019 Form 10K View Form 10K (HTML) Daily Journal Corp. does not currently have any hardcopy reports on AnnualReports.com. Subscribe Columns Labor/Employment Viking River PAGA ruling has no clear destination for employers Mar. Charles T. Munger, who is also vice chairman of Berkshire Hathaway, is the former chairman and a current director.. Publishing business. Do Not Sell My Personal Information (CA Residents Only). When you get into these hard questions, theres a lot of very intelligent honorable people who reach opposite conclusions. But, I dont think Ive got a lot to contribute. 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. 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. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022 LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. All rights reserved. But he knew how to learn what he didnt know. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. I prefer the United States. How can you not? At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. In other words, its your money. He loved to kid people. And, of course, its regrettable. And I just think it was academically inconvenient for them. Commission-free trading is not free. In a recent regulatory filing, The Daily Journal ( DJCO -3.51%) disclosed that it had bought more shares of Chinese giant Alibaba ( BABA 2.46%) with its corporate cash. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. And my advice would be if you have a fixable disadvantage, remove it. 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. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. But show me a psychology department that knows how to do that. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Market Holidays Daily Analyst Ratings Daily Insider Trading. Gerald Salzman: Charlie refers to the courts, many times. Daily Journal Corp is based out of Los Angeles. 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. Iovance Biotherapeutics Reports Fourth Quarter and Full Year 2022 Charlie Munger: I dont have any wonderful new thoughts. About the awards. I think civilization would do better without it. The meeting was held on February 24, 2021. Daily Journal: Transformation Yet to Be Fully Understood And they dont do that very wellIm talking about the business schools. The meeting will come to order. But theres also a large risk of losing it coming from within an organization. Charlie Munger: Well, I cant top Lee Kuan Yews example. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. Everyone knows this isnt a small cap Berkshire Hathaway. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. 1/9/23. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Im pretty easy on myself these days. And they dont just keep everlastingly at it the way he did. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. And there arent many people that can do that. He was very courageous and generous in helping everybody around him all his life. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Charlie Munger: Gerry, whats the biggest mistake weve made? We have offices in all the major cities in California and also in Logan, Utah. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Local Chapters Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. But you know, most people dont do that. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. You can hardly think of a decision that matters more to human felicity than who you marry. email address below and choose 'Submit'. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. I learned those tendencies well enough to synthesize it with the rest of knowledge. 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. Charlie Munger: I would go further. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Information Agent. And, of course, it works way better than our medical system. BYD stock did nothing for the first five years we held it. I have a very simple idea on the subject. Company Search - astfinancial.com I dont think we have any great gift at making macroeconomic predictions. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. I recognized early that Gerry could run anything he wanted to run. And he made a very favorable impression. A lot of the old moats are going away, and, of course, people are creating new moats all the time. He said, figure out what works and do it. Its just not gonna work. That recognized reality and worked way better than what other people were doing. What are his thoughts on modern monetary theory? But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. -, 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. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . Question: Youve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. 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. If you stop to think about it, business success long term is a lot like biology. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. [1]: And, what about passive investing? Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. I dont think Im likely to have any new thoughts that are going to work miracles either. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Daily Journal Corp. I do think that Im way less afraid of inequality than most people who are bleeding about it. Webcast. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. 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. And by the way, I think its hard to teach. There are factories in China that are just absolutely full of robots and are working beautifully. The stock has gained so much this year and last year. Always on point. Since the annual event first launched in 1996 . 915 East First Street. Today, it hovers around 9500. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. I expect that and I welcome it. And we probably have more of those shortcuts than others. 1996 - janv . Transfer Agent | Shareholder Services | Investor Relations | Norfolk And, of course, when things get extreme you have things like that short squeeze. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. The mantra he said over and over again is very simple. Voir plus Voir moins Financial Analyst PaineWebber, Inc - UBS fvr. Rick was always humorous. Download 13F Summary Im just trying to get a feel for what the long-term capital allocation is. Because of that fact, it's of the utmost importance for companies to maintain strong . 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? the total portfolio value. 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. 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 Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. And it was probably wise that we acted exactly as we did. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. Published since 1917, the Daily Commerce is based in Los Angeles and covers news of general interest, columns of interest to real estate investors and brokers, and information on distressed properties in Los Angeles County. The stock appreciated probably way more than intrinsic value. How would they think about current opportunities with low rates and low inflation? New species are created and old species are dying. That was a big error in judgment. Think of whats died in my lifetime. Gerry, dont you think were doing pretty well? Question: Can you share some parting thoughts with the viewers who are watching all around the world? It doesnt happen anymore. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? One thing I can promise is that I wont contribute much to it because I dont understand it. daily journal corporation investor relations | Tulipnos ltalnos Iskola 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. 2023, Nasdaq, Inc. All Rights Reserved. Daily Journal Subscribe to the Daily Journal for access to Daily Appellate Reports, Verdicts, Judicial Profiles and more. Asian Investing Summit Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 To the extent that my thoughts have helped my life, I think Ive pretty well run the course. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. These symbols will be available throughout the site during your session. Charlie Munger: Well, he was one of my closest friends for many decades. I think the Chinese were very smart. divided by the total MV of the fund. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. As November inches closer, all things in the political world will ultimately begin and end with the midterm elections. I knew a man once, Henry Singleton, who was not a chess champion. Charlie Munger: We will not be following Tesla into bitcoin. Charlie Munger: I think Ive learned to avoid zoning work. 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. And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? Nobody should believe that Robinhoods trades are free. "While Kimberly was head of Investor relations . Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting - Junto Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. Apartments have come through better. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. If you continue to use this site we will assume that you are happy with it. He was a very smart man. Charlie Munger: Ladies and gentlemen, wherever you are, via Yahoo finances website. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. What do you make of these two pricings? DAILY JOURNAL CORP Top 13F Holdings - WhaleWisdom.com The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. I dont know which is worse. And in biology, what happens is the individuals all die, and eventually, so do all the species. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. 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 . Latticework London Questions: Why are some people incapable of learning new ideas and behaviors? Corporate Actions Services. BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. We got a dividend of two and a half million shortly thereafter. We are subject to the orders and directions of those counties which, before, really didnt impact anything. I think I would have lived a long time if I had lived a different life. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Thats true whether youre Benjamin Franklin or Joe klutz. DATAROMA Superinvestors Portfolio Holdings Rose Blumpkin had quite an effect on the Berkshire culture. I think the result would have been worse if either party had been in control all by itself for the whole period. I recommend that other people follow my example. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Value investors know Warren Buffett's classic retort to efficient market theory, "The . As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Its too volatile to serve well as a medium of exchange. We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more. We love it anyway. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. I said it wont matter. Question: What is the biggest competitive threat to U.S. banks like Bank of America and US Bankboth equity holdings of the Daily Journal Corporationover the long term? 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. Daily Journal Corp (DJCO) 10K Annual Reports & 10Q SEC And I applaud the result. And, I was not surprised when it blew up. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. They manage The company's other titles include Daily Commerce, The Daily Recorder and the Inter-City Express . Daily Journal Corporation Tu To, Daily Journal Corp: Profile and Biography Charlie Munger speaks at the Daily Journal Annual Meeting 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. Every value investor tries to get more value than he pays for. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. He doesnt mind at all not getting credit for his charitable donations. And you mentioned technologythats very, very important. The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. And that isnt necessarily right for its customers. 2023 Annual Meeting. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. [2]: Its a very dishonorable low-grade way to talk. But, of course, if we got a chance to do it again, we would do it better. They just copied Adam Smith and left out the free speech and it worked fine for them. Eli Lilly Slashes Price of Insulin | Nasdaq Tom Murphy used to say that his system of management was to delegate just short of total abdication. Also, when you get reverses, if you just suck it in cope, that helps if you dont just fretfully stew yourself into a lot of misery. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. And what did the Chinese communists do with respect to death taxes? But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. 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 is an investment fund managing more than $174 million ran by Tu To. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. And all I can say is that well do the best we can. During his tenure with Diamond, Matthew worked with top-tier investment banks, global payments firms, and international insurance companies to deliver high impact solutions to his clients most challenging business problems. 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? So, Im kind of pleased that Im still functioning at all. Daily Journal Corp publishes newspapers and web sites covering California and Arizona and produces several specialized information services. Intelligent Investing in Crisis Mode. Question: You identified the opportunity in electrification and invested in BYD. 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. You get crazy booms. And we cant go to many offices because theyre closed. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. He was just a very old-fashioned sound thinker. But the accountants are duly elected. 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? One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? The Corporation will host a fourth quar. Contact. Im just learning as I go along. I said to Rick, were going to make Gerry the head of the Daily Journal. Accounting is also in the cloud. Many, but not all SEC filings are available in the SEC's EDGAR database. 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. I think that would be insanity. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past.