Charlie Munger: Well, I dont know how well the economys doing to work in the future. Its like evolution in biology. So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. Latticework London Charlie Munger: Its quite importantpart of the success of a company like Costco. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. So, I think you can count on the fact that what were doing is going to be a big growing field. DAILY JOURNAL CORPORATION. He gasped and said, but hes never had anything to do with newspapers or anything else. containing a link to download the .zip file of the CSV file(s) you requested. But, I dont think Ive got a lot to contribute. And we probably have more of those shortcuts than others. 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. Governance. Ive been engaged in recent years in trying to create a better type of student dormitory. . Its just that the investment banking profession will sell shit as long as shit can be sold. If you have unrealistic expectations, youre going to be miserable all your life. Im not going to change. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. Description Daily Journal Corp. Daily Journal Corp. engages in the publication of newspapers and websites covering California and Arizona. Furthermore, hed gone through the Great Depression. 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. That thing circulates. 2023 Annual Meeting. Apartments have come through better. Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. Question: You often advocate for learning from other peoples big calamities and stupidities. They had to because the traditional business newspaper business is shrinking. It was an accident. Where does it appear most egregious? I dont think we have any great gift at making macroeconomic predictions. The Knowledge Moat: Keeping Competitors Out Through Ability, Constellation Software: Incentive Systems and Return Constraints. But he could play chess blindfolded at just below the Grandmaster level. Webcast. Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? 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. Charlie Munger: I think Im alive because of a lucky genetic accident. Industry Insights Summit The disruption from the decline in newspapers has had a significant impact. This years annual report suggests that the traditional business has 97 full-time employees. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. Of course, that made him very leery of dumb loans. [The questioner] would like to know what Charlies method of learning is. Practically everybody does that. Put me down as skeptical. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. The hydrocarbons are also needed as chemical feedstocks. Do Not Sell My Personal Information (CA Residents Only). 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: Its hard to know what exact macroeconomic policy is correct. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) It was absolutely incredible. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. Type a symbol or company name. I dont think I can teach you how to retroactively get a new accident yourself. 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. Daily Journal Corp's largest holding is Bank of America Corp. (North Carolina National Bank) with shares held of 2,300,000. Latticework New York Has the quality gone down? Request Information However, could you be more specific? 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? 2022. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? Daily Journal Corporation (DJCO) - 8-K - Current report SEC FilingsYesterday, 3:57 PM Daily Journal Corporation (DJCO) - 10-Q - Quarterly Report SEC FilingsMon, Feb. 13 Daily. The total cash compensation, which includes bonus, and annual incentives, can vary anywhere from $137,730 to $197,363 with the average total cash compensation of $163,305. DAILY JOURNAL CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES.. Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30.. Daily Journal : Fiscal Q2 Earnings Snapshot. Daily Commerce. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. I would imagine that applies to the broad market too. We admire the company and like its position. The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Charlie Munger: I dont know anything about Haven. And, what about passive investing? The Daily Journal Corp office and employees reside in Los Angeles, California. 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. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. I call it deworsificationwhich I copied from somebody. -, 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. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Currently, their heaviest sector is Finance making up 81.3% of Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Im pretty easy on myself these days. 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. I think that that will probably continue. Charlie Munger: Early 70s. Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Daily Journal Corporation : Announces Financial Results for the Three Months ended Decembe.. Daily Journal Corporation Announces Financial Results for the Three Months ended Decemb.. Daily Journal : Management's Discussion and Analysis of Financial Condition and Results of.. Daily Journal Corporation Announces Financial Resultsfor Fiscal Year ended September 3.. Daily Journal Corp : Changes in Registrant's Certifying Accountant, Financial Statements a.. Daily Journal : Fiscal 3Q Earnings Snapshot, Daily Journal : Fiscal 2Q Earnings Snapshot. And if there is one thing the world could learn from Singapore, what would that be? He didnt know one damn thing about the Daily Journal when we made him head of it. That was a big error in judgment. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Florida would have a really serious problem. And he said; I cant decide the order of presidency between a flee and a louse. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Or, has the digital revolution caused enormous productivity improvements in those businesses? Daily Journal Corps portfolio is diversified across 3 sectors. I do think banking run intelligently is a very good business. All rights reserved. No, I dont have any secrets. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. Do you agree with the premise and if so how would you address inequality? 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. Meet-the-Author Summer Forum Investor Letter Excerpts So, the people part has changed quite considerably being a small company. Contact. If you try and reduce the poverty too much, its counterproductive. 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? The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. Look around all this real estate. Tilly's, Inc. In 1978, the year Deng Xiaoping took over, it was 300. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. Its entirely possible that our system is right for us and their system is right for them. Charlie Munger: I think Ill skip that one. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Because if you do that, Im a moral leper. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. On the other hand, the buses in Los Angeles work on natural gas. Were not enlarging it. Will we have fewer gas stations or truck stops in the future? What are the psychological implications of this type of market behavior? Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. LOS ANGELES, CA Charlie Munger: Well, heres what I meant. I find that by working at that, I can actually make some improvements even though Im old. Jen Saunders Question: Do you think value investing is still relevant in a GDP-decreasing world? What are his thoughts on modern monetary theory? He was just so damn smart. Nobody should believe that Robinhoods trades are free. 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. However, is there a price too high that the companys future profits simply cannot justify? What, for example, would you recommend as course materials? And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? 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. I think all of this activity is regrettable. My guess is we have suffered some editorial quality. The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. We paid two and a half million for it. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. to see more advanced email alert options such as selecting any type of They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Costco I do think has one thing that Amazon does not. How are they similar or different? 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. 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 . And what he does is he sells about half of them always. 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. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Everybodys got a different situation. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. On the other hand, we have a fair amount of time to do it. Question: How important is the analysis of company culture in the investment process? But I do think having a whole system to sell hydrogen is difficult. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. Get the latest articles and insights directly to your email inbox. If anybody can fix it, he can. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Nasdaq provides companysSEC filings, which arefinancial statements andreports filed electronically with the U.S. Securities and Exchange Commission (SEC) byQuotemedia. Of course, its going to be difficult. 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. All the good things. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Are they more stable? Ive been pretty quiet. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. +2.68%. [1]: And that institution has two assets in its endowment account. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. The number of people who ever got a chance to do it again is zero. Featured Content I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. But its hard for anybody. the total portfolio value. Hed been a receiver for a bank. The first rule of a happy life is low expectations. And that is why Costco presents some danger to Amazon. I think that would be insanity. Today, it hovers around 9500. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. Daily Journal Corporation Reports Quarterly Revenue $11.68 Mln Daily Journal Corporation says For Nine Months Ended June 30 Consolidated Revenues Of $35.7 mln Versus $30.6 . Investor's Business Daily (IBD), which . Charlie Munger: Ben Franklin was one of the wisest men who ever lived. 1/9/23. Its doing a big public service. Buffetts donations to the foundation have obviously helped to save many millions. But, I find that the old ways of doing things still work. Im not trying to move mountains. The largest investments include Bank Of America and Wells Fargo & Co, together worth $142 million. MOI Global en Espaol. Charlie Munger: Well, I think all stocks can fluctuate. That turned out to be a wonderful idea and thats one of the reasons we made all this money. 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 And, he was very good company and a splendid gentleman. Im afraid thats the way we all have to leave our swords. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California. Information Agent. And thats the way we handled Gerry. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. But the Chinese have proved that you dont need free speech to have a wonderful economy. Zurich Project Podcast And by the way, I think its hard to teach. Questions: Why are some people incapable of learning new ideas and behaviors? These are very difficult questions and most people assume that its simple. So its a very theoretical discussion. And, of course, thats a very dangerous way to invest. The base salary for Investor Relations Manager in companies like DAILY JOURNAL CORP range from $117,251 to $165,504 with the average base salary of $145,822. 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 I just think it was academically inconvenient for them. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. Create your Watchlist to save your favorite quotes on Nasdaq.com. I recognized early that Gerry could run anything he wanted to run. 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. I would hate to compete with Sequoia in their field. I think civilization would do better without it. And, for example, here, we must have 30 or 40 deaths. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. for Q4 2022. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? If you dont spend the money, you and your heirs get to spend it eventually. I think were into a lot less travel and a lot more Zooming. Thats interestingwho in the hell is voting against the accountants? 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. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. Question: Which do you think is crazier? You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Thats very, very important. I regard this as insanity. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Value Investing will never go out of style. That doesnt happen. I learned those tendencies well enough to synthesize it with the rest of knowledge. Value investors know Warren Buffett's classic retort to efficient market theory, "The . Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. Question: In recent years, Berkshire Hathaway has provided much greater insight into the companys succession thoughts and has made available at the annual meeting the companys leading managers that will steer Berkshires future. 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. Just think of the things that were once prosperous that are now in failure or gone. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. You get crazy booms. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. The votes in favor of that are 995,356 against 120. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? He knew everybody and everything. To the extent that my thoughts have helped my life, I think Ive pretty well run the course. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. Thats what the communists are doing. Thats an interesting example of self-learning. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Rick was always humorous. When autocomplete results are available use up and down arrows to review and enter to select. Were going to bust our ass to try and do a good job. Today, the majority of contractual revenue that can be identified is from implementations and licenses. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. The Manual of Ideas 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.

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