I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. Quickly find out what the most recently closed or increased positions are. And I applaud the result. Do you agree with the premise and if so how would you address inequality? Just time after time, he would choose the right system. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. But theres no rule that life has to be easy on the mental side. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. But, I dont think Ive got a lot to contribute. Charlie Munger: I have seen an episode or two of the Queens Gambit. And there was one woman who was a year older than he was who was the first-ranked student in the school. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. I was very lucky. Gerald Salzman: None. And, of course, its going to create trouble as it did. 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. 1/9/23. +2.68%. You once said to study the life and work of Lee Kuan Yew. He was a very smart man. All text and design is copyright 2020 WhaleWisdom.com. BYD stock did nothing for the first five years we held it. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. They are joining the modern world very rapidly and theyre getting very skillful at operating. Question: Can you share some parting thoughts with the viewers who are watching all around the world? Daily Journal Corporation has 1 stars. I think theyd run rings around me. Licensed software for many ten-year contracts is currently in the multi-year implementation stage. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. And, pretty soon, he turned that into this gloriously prosperous place. I think the world is gonna be quite different. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Thats a really good rule. Were beholden to the guidelines of the county of Los Angeles and other counties. He was a very smart man and he had a lot of good ideas. You are limited to the prior 8 quarters of 13F filings. Question: Why, almost two years ago, did you believe that Costco was the only U.S. stock worth buying? Tilly's, Inc. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? The average salary for Investor Relations Director at companies like DAILY JOURNAL CORP in the United States is $173,091 as of November 23, 2022, but the range typically falls between $149,030 and $199,970. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. With no analysts or investor relations department, few understand the transformation that has occurred. And I think the world would be better off without them. Daily Journal - Overview, News & Competitors | ZoomInfo.com Daily Journal Corp is based out of Los Angeles. We would all say that. These actions have given some shareholders more visibility and comfort on their investment. And thats not a sure thing either. Question: You are one of the oldest and greatest thinkers of our time. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . A lot of things are going to change. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. He was a one party system but he could always be removed by the electorate. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? -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 . Visit Investor Network Presentation / Fact sheet Get the summary on ISDR today, including a copy of our recent investor presentation View Now US Global HQ One Glenwood Ave, Suite 1001 Raleigh, NC 27603 Tel: +1.919.481.4000 Fax: +1.919.481.6222 info@issuerdirect.com You can hardly think of a decision that matters more to human felicity than who you marry. Its just that some people look for values in strong companies and some look for values in weak companies. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. Copy and paste multiple symbols separated by spaces. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? 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. New York, NY (March 25, 2021) - News Corp announced today it has agreed to acquire Investor's Business Daily from O'Neil Capital Management. 2/13/23. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. Question: Mr. Munger is a champion of Chinese stocks. 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 I would imagine that applies to the broad market too. That approach will never go out of style. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. I was good at having low expectations and that helped me. Without the method of learning, youre like a one-legged man in an ass-kicking contest. God knows it was difficult but I dont think its a mistake. I have a very simple idea on the subject. Considering their system, that is not what he should have been doing. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. 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. This years annual report suggests that the traditional business has 97 full-time employees. I call it deworsificationwhich I copied from somebody. Copyright 2023 Surperformance. Create your Watchlist to save your favorite quotes on Nasdaq.com. But everybody cant be better than everybody else. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. LOS ANGELES, CA 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? Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. 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. 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. Give me a new question. This page shows a list of all the recent 13F filings made by Daily Journal Corp. Form 13F is required to be filed within 45 days of the end of a calendar quarter. So, its a serious problem. I hope that that will continue in the future. And, what about passive investing? The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. 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. The meeting was held on February 24, 2021. It was absolutely incredible. And I think wise people should just stay out of them. Last year it quintupled. CFO & Investor Relations Contact: 398.5k: N/A: 1962: Ms. Maryjoe Rodriguez: Pres: N/A: N/A: 1984: Ms. Michelle Stephens: Exec. 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. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. 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. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. He knew everybody and everything. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. are based in the United States. I think management should tell it like it is at all times and not be a big promoter of its own stock. What would be a mistake at the Daily Journal which we can all learn from? I think I would have lived a long time if I had lived a different life. Absolute insanity. When I look at the modern Singapore health system, it costs 20% of what the American system costs. All rights reserved. Ill paraphrase here. 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. Investment Ideas Were not enlarging it. 264 Sara.Pellegrino@iovance.com. Sign-up Everybody has shortcuts to screen out certain hazards. 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? He had a long and wonderful run. Local Chapters 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. Currently, their heaviest sector is Finance making up 81.3% of the total portfolio value. And, of course, he hated costs. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. So you now know what I do in charitable institutions. But, of course, its a very difficult field. 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. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. I think most people who are assuming tolerable success in life are about as happy as they were ordained to be. View the latest DJCO financial statements, income statements and financial ratios. Question: Do you believe global warming is an existential threat to humankind? You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. But there again, it's an interesting thing. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. I think all good investing is value investing. Of course, that history is useful to know. He lived in a particular town. It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. That makes the whole thing very awkward. Is it Bitcoin, decentralized finance, or something else? Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. When I was young, I rezoned some properties very successfully. Zurich Project Podcast We will now proceed to the question period. But, of course, if we got a chance to do it again, we would do it better. Charlie Munger: I would go further. The fund focuses on investments in the United States as Matthew has over a decade of experience with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. Throughout the transcript below, I have included clickable links to my notes and articles . 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. It operates through the Traditional Business and. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. So far the evidence would be that maybe the monetary modern monetary theory is right. But I wont be following him. And so, we cant promise were going to succeed. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. N/A: N/A: N/A: . You fix what you can fit, and what you cant fix, you endure. Munger also serves as chairman of Daily Journal Corporation, which publishes 10 newspapers and offers specialized information services and technology-based prod. Charlie Munger: I think Warren and I are better at buying mature industries than we are at backing startups like Sequoia. Do it right the first time. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? Thats the reason he rose so fast in life. If you were offered a fresh start today, what would you do differently in life and in investing? The majority of the companies in the funds portfolio are large-cap stocks. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. 915 East First Street. 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. I think its much easier to find five than it is to find a hundred. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. And we probably have more of those shortcuts than others. Daily Journal Corp is an investment fund managing more than $174 million ran by Tu To. Daily Journal Corporation Board Diversity Matrix Disclosure Nasdaq Requirement. Charlie Munger: Early 70s. 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. Of course, that made him very leery of dumb loans. Question: What books are you currently reading and what can you reccomend? You must have a subscription to view WhaleScore histories. Delayed Nasdaq That is true and makes sense. I think most people are born with a happystat. Thats the nature of capitalism. Because if you do that, Im a moral leper. Computershare Investor Services 8742 Lucent Boulevard, Suite 225 Highlands Ranch, CO 80129 . The average market cap of the portfolio companies is close to $220 billion. People really trust Costco will be delivering enormous value. 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. Daily Journal Corporation offers legal software and services to US courts and other justice agencies, including browser-based case processing systems (eCourt, eProsecutor, eDefender, and eProbation) and electronic filing and payment tools (eFile, ePayIt). They had to because the traditional business newspaper business is shrinking. And its rather interesting. Currently, their heaviest sector is Finance making up 81.3% of There are currently 4 companies in Mrs. Tos portfolio. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. So, you can understand why Warren got disenchanted with Wells Fargo. But we cant. When these people go, there is none replacing them. Everything you see is profit. I think civilization would do better without it. And thats very interesting. We miss Rick terribly. , whose value grew 4.2% in the past six months, Us Bancorp worth $6.11 million, with 140,000 shares owned, Town & Country Bank & Trust Co Dba First Bankers Trust Co, Stocks and cryptocurrency portfolio tracker. The meeting was held on February 24, 2021. So its a very theoretical discussion. Do Not Sell My Personal Information (CA Residents Only). Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. 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 . Investor Relations & Corporate Communications 650-260-7120 ext. When autocomplete results are available use up and down arrows to review and enter to select. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. How do you decide to hold on to a stock or sell some? We take the situation as it is and try to solve it. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. 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? Could you please elaborate on the subject and could you consider giving a talk on this particular subject? All-Time Favorites Create Email Alert, ***Log In or The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. Daily Journal Corps portfolio is diversified across 3 sectors. If you try and reduce the poverty too much, its counterproductive. Question: What is the biggest lie currently being perpetuated by the investment complex? Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Can U.S. Treasury bonds be such a case today? They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Charlie Munger: Its quite importantpart of the success of a company like Costco. I dont follow that practice but I dont criticize it either. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Its one of the most ignorant professions in the world. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. I dont think we have any great gift at making macroeconomic predictions. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. Just think of the things that were once prosperous that are now in failure or gone. Youd say that everybody does that in their education but I dont think everybody does. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. It also serves as a newspaper representative specializing in public notice advertising. It sold the previously owned 9,745 shares for $357 thousand. Look around all this real estate. I think people have the theory that any intelligent hardworking person can get to be a great investor. No, I dont think I have anything to contribute. I expect less out of bankers than he does. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Daily Journal : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF.. Daily Journal Corporation Announces Financial Resultsfor the Nine Months ended June 30.. Daily Journal Corporation Announces Financial Resultsfor the Six Months ended March 31.. Daily Journal : Fiscal 1Q Earnings Snapshot. Best Ideas Omaha The wealth management industry has a crisis on its hands. 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. Get the latest articles and insights directly to your email inbox. They dont work that hard at figuring out what works and what doesnt. Copyright by BeyondProxy. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. Florida would have a really serious problem. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. I recognized early that Gerry could run anything he wanted to run. We do, as Charlie indicates, have a lot of travel. 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. And were gonna play that as hard as we can. You are going to be flabbergasted. Membership Tour 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. 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. Member Calendar, MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there. 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: Youve spent much of your life contributing your wisdom to schools and hospitals. Youve reached the limit of my circle of competence. 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. Classified advertising is down significantly. Jen Saunders And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. I think when difficulty comes, I expect to have my share. And all I can say is that well do the best we can. So, of course, I admire him. Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Meet-the-Author Summer Forum And, for example, here, we must have 30 or 40 deaths. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. Those are pretty good rules and theyre pretty simple. DAILY JOURNAL CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K) AQ. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. Because we have the proxies those directors are now reelected. 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. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. In his early education, he was the second-ranked student in the school. We are in fact being a more difficult type of software business than Microsoft. and leadership at Berkshire Hathaway, Munger was . 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 I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. On the other hand, it could be handled. 2022 Junto Investments, all rights reserved. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet. DAILY JOURNAL CORPORATION. Many of our systems are in the cloud. This is a highly desirable thing. Implementation is expensed as provided, while the long-term recurring high-margin revenue is not yet included on the income statement. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. Could you share the secret to living a long, healthy, and happy life? Part of the reason for that was cultural. Since the annual event first launched in 1996 . Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people. Knox Lane was founded in 2019. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Could you give more examples both good and bad ones from your personal observations or through vicarious readings? The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Thats what the communists are doing. And they dont just keep everlastingly at it the way he did. European Investing Summit You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Its doing a big public service. 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. Daily Journal Corporation Announces Financial Results for Fiscal Year ended September .. Daily Journal : Fiscal Q3 Earnings Snapshot. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corporation (US: DJCO) at Best Ideas 2019. He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. 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. . Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. And, I was always aware of that and so Ive accepted these damned annual meetings. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side.