On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Munger became Chairman (because he was an attorney). I dont know which is worse. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? The IR Magazine Awards - US 2023 will take place on Thursday, March 30 in New York. Ten Charts That Show World Economy's Turbulent Course Over 2022 Market Data Stocks Commodities Rates & Bonds Currencies Futures Sectors View More Markets Economics Economics Indicators Central. Charlie Munger: Yes, I think it must end badly but I dont know when. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. Charlie Munger: Robinhood trades are not free. Were going to bust our ass to try and do a good job. I dont think Im likely to have any new thoughts that are going to work miracles either. Ill paraphrase here. Everybody is. My guess is we have suffered some editorial quality. There are companies that Daily Journal Corp is getting rid of from its portfolio. 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. 1, 2023 By Tal Burnovski Yeyni A California court of appeal held it was not bound by SCOTUS' ruling. So, I think you can count on the fact that what were doing is going to be a big growing field. The total portfolio value may be much higher due to cash divided by the total MV of the fund. Its such a simple idea. We dont have any other secrets, do we Jerry? Apartments have come through better. And he was just so good. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. God knows it was difficult but I dont think its a mistake. (Disclosure: the author has a position in the Daily Journal Corporation - a reliable sell indicator.) Investors Will Want Seneca Foods' (NASDAQ:SENE.A) Growth In ROCE To Persist 7/31/2022 8:49 AM. 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 When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. Question: You famously run investments through your mental checklist. And you mentioned technologythats very, very important. Daily Journal Corporation's ISS governance QualityScore as . This Week in Intelligent Investing. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Is it Bitcoin, decentralized finance, or something else? Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. How do you decide to hold on to a stock or sell some? And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Copyright 2023 Surperformance. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. 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. Charlie Munger: Well, heres what I meant. Take Gerry. I think you should try and make your money in this world by selling other people things that are good for them. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. The majority of the companies in the funds portfolio are large-cap stocks. We have different tax considerations. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? I admire him that much. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Intellectual Property Have you seen the television show Queens Gambit on Netflix? Could you give more examples both good and bad ones from your personal observations or through vicarious readings? I call it deworsificationwhich I copied from somebody. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? Investment Ideas [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. These positions were updated on January 5th based on the funds latest 13F filing. We were trying to save the whole economy under terrible conditions. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. 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. What, for example, would you recommend as course materials? Occasionally, some damned fool will suggest something that violates the laws of physics and I always turn off my mind the minute I realize the poor bastard doesnt know any physics. I think the oil and gas industry will be here for a long, long time. Its a very dishonorable low-grade way to talk. for DAILY JOURNAL CORP, Top 20 equal-weighted holdings. Daily Journal Corporation ( NASDAQ: DJCO) is a business and legal news and advertising editorial in California. And there arent many people that can do that. the MV of securities sold, whichever is less, Discover something new every day from News, Sports, Finance, Entertainment and more! And I dont know whether hes right or not. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Nobody was trying to make the rich richer. Value investors know Warren Buffett's classic retort to efficient market theory, "The . 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. Charlie Munger: Well, that is easy. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Imagine a bunch of Chinese communists turning a whole lot of Chinese and the billionaires in a big hurry. I just see more and more of the rich people leaving. These symbols will be available throughout the site during your session. And yet he made a lot of mistakes in the course of living his life. However, could you be more specific? You must have a subscription to view WhaleScore histories. And, of course, he hated costs. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Question: Mr. Munger is a champion of Chinese stocks. of stocks: 4 Portfolio value: $174,434,000 Holdings Activity Buys Sells History * Reported Price is the price of the security as of the portfolio date. Best Ideas Conference Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Throughout the transcript below, I have included clickable links to my notes and articles . #CharlieMunger #DailyJournalAnnualMeeting #BerkshireHathawayYahoo Finance is the exclusive live stream platform for the fully virtual Daily Journal ($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. Any tips on how to generate insight in these types of situations? So its a very theoretical discussion. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. The stock appreciated probably way more than intrinsic value. to see more advanced email alert options such as selecting any type of 264 Sara.Pellegrino@iovance.com. If you stop to think about it, business success long term is a lot like biology. Have you met Lee Kuan Yew in person? Similar Job Titles: He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. When completed, an email will be sent to the email address you specify We use cookies to ensure that we give you the best experience on our website. Thats a really good rule. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? 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. Charlie Munger: I dont know anything about Haven. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. Daily Journal Corp. And I think, by and large, we made the most practical decisions that were available to us. . 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: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. The decision was. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Daily Commerce. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. Since the annual event first launched in 1996 . Charlie Munger: Were really old both of us. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. No, I dont have any secrets. Thats an interesting example of self-learning. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? 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. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . The Zurich Project Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Question: Charlie, you are known as an advocate for learning from ones mistakes. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. Featured Content How do you recognize a potential downfall in a company you hold/invest in? I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. The Daily Journal Corp office and employees reside in Los Angeles, California. 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? 13F filing from DAILY JOURNAL CORP, enter your And that is why Costco presents some danger to Amazon. He cared terribly about not making bad loans or incurring dumb expenses. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Thought Leader Series. He was old as I am. The Daily Journal Corporation has been publicly traded since 1987 on the NASDAQ under DJCO. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Question: You identified the opportunity in electrification and invested in BYD. the total portfolio value. Membership Tour Theres an old German proverb Ive always liked. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. When it gets difficult, I dont think theres any automatic fix for difficulty. So, you can understand why Warren got disenchanted with Wells Fargo. Everybody has shortcuts to screen out certain hazards. 2023, Nasdaq, Inc. All Rights Reserved. That approach will never go out of style. I would imagine that applies to the broad market too. I dont think I can teach you how to retroactively get a new accident yourself. And, of course, it works way better than our medical system. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Get the latest articles and insights directly to your email inbox. He gasped and said, but hes never had anything to do with newspapers or anything else. And that institution has two assets in its endowment account. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. It operates through the Traditional Business and. And he said; I cant decide the order of presidency between a flee and a louse. Alt Turnover is calculated by taking either the total MV of new purchases or LEARN MORE. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. Bitcoin reminds me of what Oscar Wilde said about fox hunting. The death tax in China is zero. All the good things. 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 . With no analysts or investor relations department, few understand the transformation that has occurred. When the pandemic is over, I dont think were going back to just the way things were. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. If you were offered a fresh start today, what would you do differently in life and in investing? Thats one you can easily arrange. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. According to the last 13-F report filed with the SEC, Tu To serves as the Chief Financial Officer at Daily Journal Corp. Podcasts enable members to enjoy content in a convenient format. Corporate Governance. 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. You have to be concerned about employees lives. He doesnt mind at all not getting credit for his charitable donations. Gerald Salzman: Charlie refers to the courts, many times. Charlie Munger: I think Ill skip that one. 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. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Our 2023 Annual Meeting of Shareholders will be held on Thursday, May 4, 2023 at 8:30 a.m. Gerald Salzman: None. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? And some bankers yield to the temptations. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Part of the reason for that was cultural. The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. You get crazy booms. I recognized early that Gerry could run anything he wanted to run. Gerald Salzman: There are a number of factors that come into play here. I dont define that as value investing. 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? Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Matthew worked as a member of both the U.S. and U.K. offices, with expertise spanning from risk management to derivative processing. But, I find that the old ways of doing things still work. And they dont do that very wellIm talking about the business schools. 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 Daily Journal Corporation is an American publishing and technology company with hidden assets and off-balance sheet value. Im just learning as I go along. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. I dont think well change on that. Bill Gates has written a book on this subject recently in which he concludes that it would be expensive but it could be handled. And, of course, its going to create trouble as it did. Best Ideas Omaha Without the method of learning, youre like a one-legged man in an ass-kicking contest. VP of Publications & Sec. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. -, 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. Of course, his son, who is a bright man, is now Prime Minister of Singapore. Charlie Munger: Well, I cant top Lee Kuan Yews example. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. And, of course, when things get extreme you have things like that short squeeze. MOI Global en Espaol. Good Earnings: Salesforce's revenue was up 18% year-over-year, totaling $31.4 billion, and it's expected to grow to $34.5 billion next year. On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price. I think the Chinese were very smart. It wasnt some malevolence of the rich that caused it. Eli Lilly's press statement said it's slashing prices to make insulin more accessible, and then flipped the onus onto . It doesnt happen anymore. That was a big error in judgment. It was a background that helped everybody. I dont think its easy for ordinary people to become great investors. Gerry, being a sound thinker, you know, did the very unpleasant work of shrinking it appropriately without bothering me or Rick. And they dont just keep everlastingly at it the way he did. Today, the majority of contractual revenue that can be identified is from implementations and licenses. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. And if you stop to think about it, that is also true at the Daily Journal. It closed the year with cash flow reaching $7.1 billion . And I dont think that we or the Daily Journal is getting ahead because weve got some wonderful macroeconomic insight. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower.
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