Put me down as skeptical. 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 if you stop to think about it, that is also true at the Daily Journal. He was just so damn smart. Rose Blumpkin had quite an effect on the Berkshire culture. 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. 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 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. So, its a serious problem. [1]: Its not generally noticed by the public but clearinghouses clear all these trades. 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. Charlie Munger: We will not be following Tesla into bitcoin. That thing circulates. Daily Journal Corp is based out of Los Angeles. And if its unfixable, learn to live without it. Hell be able to do it. You dont need to worry about them. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. So its a very theoretical discussion. In 2010, that was down to 165 full-time employees and 15 part-time employees. This will schedule a job to export all requested 13f holdings data for this filer. Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. I dont think its like the newspaper business. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. You fix what you can fit, and what you cant fix, you endure. Look around all this real estate. Im just learning as I go along. And they dont do that very wellIm talking about the business schools. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? The Hamilton Live 600 14th Street NW He had a long and wonderful run. 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. $174 million and $174 million respectively. The third-largest holding is Alibaba Ltd worth $26.4 million and the next is Us Bancorp worth $6.11 million, with 140,000 shares owned. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. How are they similar or different? Touch device users, explore by touch or with swipe gestures. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | Nasdaq: DJCO | Nasdaq Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. It operates through the Traditional Business and. Theyve served us well over the years. The number of people who ever got a chance to do it again is zero. Thats interestingwho in the hell is voting against the accountants? Charlie Munger: Were really old both of us. The votes in favor of that are 995,356 against 120. If anybody can fix it, he can. 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? What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Always intelligent. I think the bankers of today could learn a lot from Eugene, but little is known of him. Capitalism is almost as brutal as that. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. 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. It also serves as a newspaper representative specializing in public notice advertising. Theyd take you through the building of the canals and the building of the railroads and so on and so on. And he was just so good. 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? FOR ANNUAL MEETING OF SHAREHOLDERS. 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. 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. Wheaton delivers amongst the highest cash operating . We bought all these buildings cheaply. Ive been pretty quiet. Thats the good news. And like last year, you will in this note find a full transcript of the entire meeting. Im not trying to move mountains. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. How would you advise these institutions to manage their endowments over the coming decades? Charlie Munger: Well, I dont think its required that we be exactly the same on everything. Has the quality of the publication suffered as the employment levels have decreased? I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents. European Investing Summit 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. Charlie Munger: I dont have any wonderful new thoughts. And, of course, he hated costs. 1/9/23. The only opinion I have there is that I dont think anybody knows whats going to happen for sure. 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. for Q4 2022. I would imagine that applies to the broad market too. I dont know which is worse. However, could you be more specific? This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. The jurisdiction for this foreign stock company is SOUTH CaliforniaROLINA. Charlie Munger: Its very hard to have a shrinking business. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Quotemediais not affiliated with or approved by the U.S. Securities and Exchange Commission. The meeting was held on February 24, 2021. I didnt get to where I am by going after mediocre opportunities. Question: What have you done to live such a long life? No, I dont think I have anything to contribute. Thats very, very important. Were all pretty forgiving of ourselves too which is probably a good thing. I learned those tendencies well enough to synthesize it with the rest of knowledge. Im satisfied with the way things have worked out and Im not gnashing my teeth when other people are doing better. The Daily Journal is a legal publisher in Los Angeles, spun out in 1986 as a public company from a closed-end fund Munger and Guerin owned. I think that to some extent the complaint about the rich getting richer as a result of the COVID panic is a misplaced concern. 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. and a top 10 holdings concentration of 100.0%. All text and design is copyright 2020 WhaleWisdom.com. 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. Many of our systems are in the cloud. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. Would you share a few stories about him and your fondest memory? The meeting will come to order. I dont follow that practice but I dont criticize it either. In display advertising, for example, we now utilize a very friendly company that worked with us for 25 years and now they are helping us sell advertising. 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. He took over a malarial swamp with no army, no nothing. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. I expect less out of bankers than he does. Investor Relations Daily Journal Corp DJCO Valuation Morningstar Rating | Rating as of Jan 26, 2023 Quote Chart Stock Analysis News Price vs Fair Value . Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? BILLERICA, Mass., (BUSINESS WIRE) -- Bruker Corporation (Nasdaq: BRKR) announced today that Gerald Herman, Executive Vice President & CFO will present on. I said it wont matter. Transcribed image text: Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as Wa ren Buffetr's "right arm. Relative to the number of outstanding shares of Bank Of America, Daily Journal Corp owns more than approximately 0.1% of the company. Create Email Alert, ***Log In or 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. All we can promise is that were gonna try and so far as I can tell, were doing pretty well. But Im flabbergasted at how well theyre doing. The death tax in China is zero. Buffetts donations to the foundation have obviously helped to save many millions. The meeting was held on February 24, 2021. I think theyre a bad investment when interest rates are this low. One of the interesting things about the Daily Journal is that we made all that money in the foreclosure boom. are based in the United States. Charlie Munger: 2021 Daily Journal Annual Meeting Transcript. Communicated daily with internal traders and sales force, plus marketed globally to Buy-Side clients . Well, I dont think the quality of publishing public notice advertising has gone down. 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? He knew everybody and everything. That was a big error in judgment. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. Of course, people behave more sensibly when theyre spending their own money. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. Charlie Munger: I dont think you can make that a moral responsibility. Question: What books are you currently reading and what can you reccomend? Theres an old German proverb Ive always liked. When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. Advisory, processing and support for complex transactions, including M&As, IPOs and stock splits. Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Question: Is the oil and gas industry the new newspapers? Featured Content You know what her mottoes were? I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. 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. He was old as I am. 2023, Nasdaq, Inc. All Rights Reserved. Ryan Buntain has joined Knox Lane as head of investor relations, according to a spokesperson for the firm. And the next time around the poor will get richer faster than the rich. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Thats true whether youre Benjamin Franklin or Joe klutz. But I dont think thats going to end up with a mistake. You once said to study the life and work of Lee Kuan Yew. Charlie Munger: Real estate has always been a difficult field. BYD sells at nearly 200 P/E. Performance numbers calculated through 2023-02-14. The fund focuses on investments in the United States as What do you think of all of the SPACs and the promoters pushing them? Question: You are one of the oldest and greatest thinkers of our time. Gerry, can you ever remember Rick down? 2/13/23. I recognized early that Gerry could run anything he wanted to run. Seneca Foods Reports Sales and Earnings for the Three Months Ended July 2, 2022 8/11/2022 4:10 PM. And by the way, I think its hard to teach. 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. 915 East First Street. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. It also serves as a newspaper representative specializing in public notice advertising. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. Its entirely possible that our system is right for us and their system is right for them. How would they think about current opportunities with low rates and low inflation? If you were offered a fresh start today, what would you do differently in life and in investing? We do, as Charlie indicates, have a lot of travel. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. Thats the nature of capitalism. Youve reached the limit of my circle of competence. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? The agent name of this company is: GERALD L SALZMAN ,and company's status is listed as ACTIVE. Tilly's, Inc. Of course, we accomplished quite a bit working together. Always on point. Daily Journal Corporation Reports Earnings Results for the Full Year Ended September 30, 2022. What, for example, would you recommend as course materials? The daily journal stock sells way above the price I would pay if I was buying new stock. 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. Intellectual Property You are going to be flabbergasted. And what are the implications, since Treasury assets underpin the value of every other asset? In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. And it was probably wise that we acted exactly as we did. 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. I cant help you. First Merchants Corporation to Report Fourth Quarter 2022 Financial Results, Host Conference Call and Webcast. And I think, by and large, we made the most practical decisions that were available to us. Question: What is the wisdom behind holding bank stocks compared to other stocks. Ellen Ireland will be inspector of elections. Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. What do you look for in a leader? Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Copy and paste multiple symbols separated by spaces. 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. Because of that fact, it's of the utmost importance for companies to maintain strong . Ideaweek Podcast Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Is there any new material? Gerald Salzman: None. Timeless Selections Just time after time, he would choose the right system. We use cookies to ensure that we give you the best experience on our website. I think you should try and make your money in this world by selling other people things that are good for them. Tilly's, Inc. to Report Fiscal 2022 Fourth Quarter Operating Results on March 9, 2023. Now 16 years have passed. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. In addition, the fund holds 1,591,800 shares of Wells Fargo & Co worth $65.7 million, whose value grew 4.2% in the past six months. 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. You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. There are these periods in capitalism. If you take the last 100 years, 1922 to 2022, most of modernity came in in that 100 years. Just time after time he would do something like that. What would be a mistake at the Daily Journal which we can all learn from? If you have unrealistic expectations, youre going to be miserable all your life. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. He was death on corruption which was a very good idea. Find the latest Daily Journal Corporation (DJCO) stock quote, history, news and other vital information to help you with your stock trading and investing. Get the latest articles and insights directly to your email inbox. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. All the good things. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Currently, Daily Journal Corp's portfolio is worth at least $174 million. Daily Journal Corporation's ISS governance QualityScore as . Practically everybody does that. I think all good investing is value investing. Its a very dishonorable low-grade way to talk. Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. And I think that that is inevitable because its difficult to be a good investor. 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. The hydrocarbons are also needed as chemical feedstocks. 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 . Annual stock financials by MarketWatch. Charlie Munger: Ben Franklin was one of the wisest men who ever lived. John Lambert, First class in every way. Could you share the secret to living a long, healthy, and happy life? Corporate governance. The board includes high-profile names such as Rick Guerin, Peter Kaufman, and Charlie Munger. 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. Furthermore, hed gone through the Great Depression. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Charlie Munger: I think I had the right temperament. 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).
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